Changes in regulation surrounding marijuana have sprouted a robust medical cannabis market showing no signs of slowing down globally.
Currently, the U.S. dominates the cannabis market where the majority of States started adopting the new trend for cannabis treatment in 2012. Australia has been late to the game; we only began easing laws in early 2016. Since then, the range of cannabis products has exploded nationwide, and nearly anyone can gain access to a doctor that will provide them with treatment.
Attempting to gain access to the fruitful market, cannabis-focused drug development company Bod Australia Ltd (ASX: BOD) has made strides with its latest cannabis treatment product launch. The announcement follows years of comprehensive research to add another product to their already extensive range.
Bod has been distributing cannabis treatments since its first launch in October 2018, when the Company announced the arrival of its MediCabilis™ cannabis oil.
The latest product, Bio-Absorb 100™, comprises a uniquely developed CBD formulation encapsulated in soft gel and sold under the MediCabilis™ brand, which will be available to patients by July 2022.
“The launch of Bod Bio-Absorb 100™ provides Bod with another product in the Australian medicinal cannabis prescription market, which has the potential to increase sales and brand awareness. Importantly, the introduction of the product through prescription channels will also provide us with valuable feedback as we continue our clinical trial and endeavour to launch Bod Bio-Absorb 100™ through the Australian pharmacy market in the coming months.”
To ensure the reliability of its newest product, Bod began conducting trials in May 2022, where they enrolled their first patients for phased trials to investigate the efficiency of symptoms associated with insomnia and a series of other conditions.
Highlights from the study show that 74% of patients reported a noticeable improvement in their conditions within two to four weeks of daily use. When asked to rate their improvement on a scale of one to ten, 64% reported a rating above six.
Proving successful, strong results from the trials have allowed the Company to move from research to product distribution.
Having to navigate the challenging regulatory pathways to market, the Company was fortunate enough to gain access to a SAS-B (Special Access Category B) channel, allowing their products to be accessible through a prescription. SAS-B channels give health practitioners access to therapeutic goods that are not included in the ARTG (Australian Register of Therapeutic Goods) for treatment of a single patient.
Patients will have to display conditions such as; chronic pain, anxiety or insomnia for the product to be considered a treatment.
“We continue to make pleasing progress in our patient recruitment initiatives for our phase II clinical trial and look forward to providing additional updates to shareholders as these complete,” said, Bod CEO, Jo Patterson.
To get its products into the minds of doctors, the Company has been increasing brand awareness through engagement with a number of healthcare professionals and approved prescribers to share detailed trial data in hopes to enlighten and educate them on the benefits of Bio-Absorb 100™.
BOD shares have slid a considerable amount from its peak of $0.74 at the start of 2021 – this level has been tested a few times over the past few years and clearly can’t seem to crack it, falling sharply after each attempt. Currently, shares are worth $0.072, hopefully with enough good news in the long-term, the Company can come to retest this level and finally see some consistent growth.
Trading Desk Assistant at Emerald Financial
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