Medlab Clinical provides investors with key highlights from the December 2019 quarter.
Medlab Clinical (ASX: MDC) released its quarterly results for the period ending 31st of December 2019, in which the company provided insights into its operations and achievements for the quarter.
Notably, Medlab brought in record quarterly revenue, up 50% over the previous record-holding quarter, and up 400% over the previous corresponding period. The company believes that this increase in revenue is only likely to accelerate as Medlab shifts production over to TASALK as previously announced.
Medlab also announced that the RNSH (Royal North Shore Hospital) study on NanaBis has been completed, and the Observational study has successfully recruited 125 Australian doctors and 250 patients.
The company reported collections of $1.641m over the period, which represents an increase of approx. 29% over the corresponding period last year. Furthermore, Medlab will be expanding its nutraceutical range into the US & the UK, with an initial order received for Medlab's nutraceutical product MgOptimaCBD.
MDC expects the results from its RNSH trials on NanaBis to come within the next month, which will likely act as a springboard from which the company will launch its phase 3 trials, assuming the results are positive. Medlab aspires to achieve Investigational New Drug (IND) status from the Food and Drug administration later on in the year, with the end-goal of becoming an approved drug for cancer pain.
Depression Trial & Commercialization
Medlab is also conducting a depression trial at the Queensland University of Technology utilizing the company's multi-patented NRGBiotic™ from its nutraceutical range. The company intends to pursue drug development with the TGA in order to tap into the depression treatment market, which is estimated, in America, to reach $1.2 billion USD by 2024. Globally, the depression market is believed to be worth $15.6 billion USD
Furthermore, Medlab is experiencing consistent growth in sales of its NanaBis and NanaBidial product ranges as dispensed through the Special Access Scheme. Revenue for MDC's products went up 262% year on year and 46% quarter on quarter. The company dispensed over 2,000 bottles, which is a 400% increase over the previous year. Though Medlab reiterates that while these successes should certainly be celebrated, the end-goal is still achieving drug registration which should see revenues soar.
Until registration is achieved, Medlab has put commercial agreements in place to expand throughout the US, UK and Asia which should bring in revenues to carry the company for the next few months without material operating or capital expenditure. Current capital for MDC sits at $9.6 million. To see the rest of the company's quarterly report, see here.
To learn more about Medlab Clinical, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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