PreveCeutical Medical Inc. (CSE:PREV, OTCQB:PRVCF) said it has been awarded two additional permits by the Australian Government, Department of Health, for the importation of a second shipment of cannabis plant materials into Australia for research purposes and the shipment of dried cannabis materials.
In a statement, the company said the permits were issued to the Pharmacy Australia Centre of Excellence (PACE) at the University of Queensland (UQ).
It allows PACE to import shipments of cannabis material for research purposes.
In addition, PreveCeutical's Canadian licenced producer partner has also received the required Canadian permits to export their medical cannabis materials to PACE.
The cannabis materials are used for PreveCeutical's soluble gel (Sol-gel) drug delivery research programme, for testing an array of cannabis strains for the development and commercialisation of cannabinoid-based Sol-gels.
The programme is led by PreveCeutical's Chief Research Officer, Dr. Harendra Parekh and conducted by PreveCeutical's research partner, the University of Queensland.
Using Sol-gel technology to develop therapies
It aims to develop a technology that will increase the bioavailability of drugs by using a nose-to-brain delivery system.
By applying Sol-gel technology to cannabis, the company plans to develop therapies for relief from a range of symptoms, including pain, inflammation, seizures and neurological disorders.
The advantages of Sol-gels over conventional liquid nasal sprays include longer therapeutic effects, reduced dosage requirements, and reduced negative side effects, such as irritation.
Australia’s Department of Health has strict regulations on the procuring, possessing, using and disposing of cannabis and cannabis-derived materials that govern both the Company's production and in-vitro testing of cannabinoid-based Sol-gels.
The regulations, requires, among others, the maintenance of records of imported materials, using approved storage receptacles and restricting access and use of controlled substances to authorised persons.
A recent audit of the programme, carried out by the Department of Health, revealed that Dr. Parekh and PACE are doing exceptional work in complying with the regulations.