EDMONTON and VANCOUVER, March 13, 2018 Aurora Cannabis Inc. and PreveCeutical Medical Inc. today announced the grant of three permits by the Australian Government, Department of Health, for the importation of cannabis into Australia for research purposes (the "Permits"). The Permits were granted to the Pharmacy Australia Centre of Excellence ("PACE") at the University of Queensland ("UQ") and allow PACE to import shipments of cannabis plant material for research purposes. Aurora, in turn, has received the required Canadian permits to export the cannabis to PACE.
The cannabis will be shipped from Canada by Aurora and used for PreveCeutical's soluble gel ("Sol-gel") drug delivery research program (the "Program"), which is being conducted by PreveCeutical's research partner UniQuest Pty Inc. and led by PreveCeutical's Chief Research Officer, Dr. Harendra Parekh. The Program aims to develop a system that will increase the bioavailability of drugs by using a nose-to-brain delivery system.
PreveCeutical intends to apply Sol-gel technology to cannabinoids to develop therapies for relief from a range of symptoms, including pain, inflammation, seizures and neurological disorders (see news release dated April 24, 2017). The Permits will enable PreveCeutical to test an array of cannabis strains for the development and commercialisation of cannabinoid-based Sol-gels. The advantages of Sol-gels over conventional liquid nasal sprays relate to longer therapeutic effects, reduced dosage requirements, and reduced irritation and other negative side effects.
In consideration of the shipment, Aurora has received certain rights, including the option to either license, on a non-exclusive basis, the technology for Canada and Australia, or to opt for a royalty arrangement on product sales, as well as to purchase shares in PreveCeutical.