MedLab knocked it out of the park this week, after the company published an operational update for October showing a record increase in sales.
Earlier today, Medlab Clinical Ltd (ASX: MDC) announced the achievement of a record month in cannabis revenue, with 846 bottles of NanaBis and NanaBidal dispensed.
October saw an unprecedented increase in demand for NanaBis—Medlab's lead pain drug candidate—under the government's Special Access Scheme (SAS).
According to the company, this growth was largely driven by positive perception of the drug's clinical trials at Royal North Shore Hospital, as well as the recent decision to allow doctors and patients to participate in a TGA approved Observational Study designed in collaboration with US FDA.
Interest in participation in the study is already extremely high, with 93 Doctors and 161 patients currently enrolled in the trial. This led to 735 bottles of NanaBis being dispensed over the course of October, representing an increase of 43% when compared to the previous record-holding month.
"Medlab is very excited with the progress of results from NanaBisTM as the Company moves forward to drug registration."MedLab Clinical CEO, Sean Hall
The increase in demand also necessitated a rescaling of the
company's production process, and as a result MedLab now has 4,000 units of
NanaBis currently in production to act as a buffer for the fulfillment of short-term
As a result of this strong showing, the company also recorded 65% quarterly growth in revenue from NanaBis when compared to the previous rolling quarter, reaffirming its position in the Australian cannabis market.
According to the CEO of MedLab Clinical, Sean Hall, the company is prioritising "trial patient access over SAS uses to which as an update, the RNSH Trial has recruited its last patient and is currently in the intervention stage with again early data received is very encouraging."
The company also reported that NanaBis has continued to achieve positive results from its Observational Study and prescription under the SAS program.
In fact, recent case studies have demonstrated that the drug allows patients to experience a substantial reduction in the amount of other medications taken—particularly in regard to opioids—while also promoting significant enhancements to quality of life, such as improved sleep, appetite and pain management, as well as a decrease in anxiety.
The market has also reacted positively to the company's October update, as stock in MedLab Clinical spiked in value today by 14.71% to 0.39 a share.
To learn more about MedLab Clinical visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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