SINGAPORE (Apr 29): iX Biopharma has entered into a supply agreement with Cannatrek, a medical cannabis enterprise, to supply Xativa, the world’s first freeze-dried sublingual medicinal cannabis wafer in Australia.
The agreement, which was signed by iX Biopharma’s wholly-owned subsidiary, iX Syrinx, marks the group’s official entry into the high-growth Australian cannabis market, which is expected to grow from US$0.04 billion (or S$0.05 billion) in 2020 to US$1.23 billion (S$1.74 billion) by 2024.
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Together with Cannatrek, the group will commence supply and distribution activities of Xativa, its 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.
“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,” says Tommy Huppert, CEO of Cannatrek.
“Patients are now more knowledgeable about the advantages of sublingually administered cannabis medicines in increasing bioavailability and improving patient outcomes,” says Eva Tan, director of Corporate and Commercial Strategy at iX Biopharma.
“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,” she adds.
Shares in iX Biopharma closed 8 cents lower, or 24.6% down, at 24.5 cents on Tuesday.
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