SINGAPORE: Specialty pharmaceutical company iX Biopharma Ltd announced that its wholly-owned subsidiary, iX Syrinx has formalised a supply agreement with Cannatrek Medical Pty Ltd, a wholly-owned subsidiary of Cannatrek Ltd.
Cannatrek is a medicinal cannabis enterprise with a national distribution network in Australia and participates heavily in doctor and patient education programmes for medicinal cannabis.
The existing delivery forms available in the market today suffer from the lack of fixed unit dosages, inconsistent absorption and variable or poor bioavailability. Leveraging on iX Biopharma’s novel and patented WaferiX sublingual delivery technology, the Group has developed Xativa™ to address this gap in the market.
Together with Cannatrek, the Group will commence supply and distribution activities of Xativa, the Group’s proprietary medicinal CBD (cannabidiol) sublingual wafer, to pharmacies across Australia.
Xativa will be prescribed by medical practitioners to patients via the Special Access Scheme and Authorised Prescriber pathway administered by the Therapeutic Goods Administration (“TGA”) of Australia.
Tommy Huppert, CEO of Cannatrek said: “Driven by our commitment to provide patients with safe, affordable and effective treatments, our partnership with iX Biopharma has been a natural progression in our growth journey. Built upon the novel and patented WaferiX technology, Xativa, through its unique and superior sublingual dosage form, is well-positioned to disrupt the current market of medicinal cannabis products.”
Ms Eva Tan, Director of Corporate and Commercial Strategy of iX Biopharma said: “We are excited to partner with leaders like Cannatrek to reach Australian patients through their well-established network of prescribers and pharmacies. Patients are now more knowledgeable about the advantages of sublingually administered cannabis medicines in increasing bioavailability and improving patient outcomes. We are confident that our sublingual technology, which is clinically proven and widely used across our pharmaceutical and nutraceutical product portfolio, will allow us to better serve patient need and expectation.”
Today, the legalisation and widespread use of cannabis and cannabinoids around the world is happening at an unprecedented pace. CBD in particular, one of the primary non-intoxicating compounds found in the cannabis plant, has attracted growing interest due to its safety and efficacy in treating many health conditions, including chronic pain, anxiety, movement and sleep disorders. In view of these prevailing trends, the Australian cannabis market is expected to grow exponentially from an estimated US$0.04 billion in 2020 to US$1.23 billion by 20241.