InhaleRx’s (ASX: IRX) name wasn’t the only thing that changed in their October rebrand. Previously LifeSpot Health, the Company overhauled their entire strategy, focus and branding, pivoting from a medicinal cannabis device company promoting skin cancer screening to inhaled prescription medicine delivery devices.
Inhalation of medications is an efficient way to deliver drugs given the large absorption area of the lungs, transferring medications to the bloodstream quickly, avoiding first pass metabolism.
Their flagship product, the Medihale Inhaler, is an inhaler designed for use with medicinal cannabis. The unique mechanism of action means that the Inhaler circumvents the production of pyrolytic toxins and carcinogens that are created when burning plant material. The rechargeable Inhaler takes pods of c-liquid which are sealed and tamper proof. The pods are available via prescription only from certain prescribing partners.
The refocused Company has three key strategic objectives. In the short term, the Company aims to acquire doctor and patient feedback of their products with a soft launch. The medium term will see the Company concentrate on new product development to meet needs whilst the long term goal will be to pursue FDA registration for their products.
The Company is partnered with EC Pharma, a self proclaimed ethically-minded cannabinoid company developing the pods to go with the Medihale device. New formulations are anticipated to be launched in December 2021 following R&D initiatives.
Improvements in the supply chain are being explored as the Company looks to transition from a compounding pharmacy model for their c-pods to an automated production model. The Company is considering commercial fill machine options to support this.
The branding refresh also came with a reshuffle of upper management, with the Company appointing new Directors and a Chairman.
Cash wise, InhaleRx rounded out the quarter with just over $3 million in the bank. Their “lean” Australian based admin and operations resulted in operating costs coming in at $401k. This figure is inclusive of an initial payment to Camargo, a leading global drug development strategist, to develop the Pre-Investigational New Drug submission to the US FDA.
The business transition is particularly interesting considering the background of CEO Matthew Golden, who has experience with brand names like Caduet and Eliquis, developing the profile of products like Penthrox, better known as ‘the Green Whistle’. The inhaled non-opioid rapid pain relief is primarily used by paramedics and first responders to administer emergency pain relief that is non addictive and fast acting.
Whether or not Medihale can achieve the same success as the Green Whistle remains to be seen, but having a renewed perspective and focus, this microcap could be on track to prominence.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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