Lifespot Health receives cash injection
Lifespot Health (ASX: LSH) has received a cash injection of almost $1million for Australia clinic, research and distribution company Cannvalate, which now owns 19.9% of the medical device and delivery company.
This investment secures the company’s future as a medicinal cannabis company, with $770k to be spend on clinical trials for a cannabis inhaler device, most likely to be managed by Cannvalate’s research arm – MCRC.
Cannvalate has established itself as a leader in the medicinal cannabis industry in Australia, working with almost all the major suppliers to assist with sales growth, clinical research and distribution.
LSH are placing all their bets on the belief that inhaled cannabinoid delivery will provide a speedier onset of relief, and intend to demonstrate this through clinical research. Proof of concept trials, alongside safety and pharmacokinetic trials are planned for Q2 of 2021, which if successful will allow the company to pursue product registration and increased commercialisation.
As far as this author understands, Incannex, in partnership with Entourage Therapeutics, are the only other company in Australia pursuing registration of an inhaler for medicinal cannabis, which differentiates LSH from the relatively saturated Australian cannabis industry.