The company had a healthy cash balance of $4.72 million at the end of the quarter.
() has had a busy September quarter entering two research agreements and advancing its lead cannabis-derived drug candidate CPAT-01.
CPAT-01D, a pain treatment for dogs, received ethics approvals and the CPAT-01 development program was expanded to include cats CPAT-01C.
The phase Ib study for CPAT-01D has commenced and is expected to be completed this December quarter.
READ: CannPal Animal Therapeutics commences dog pain control study
CannPal's managing director Layton Mills said: “This has been another important quarter for CannPal with some significant milestones.
“Our additional research agreements are further validation of the high-quality research we are undertaking in our mission to develop cannabis-derived treatments for companion animals.
“In addition, the rapid progression of our clinical studies and development of our nutraceutical pipeline underscore our commitment to delivering value to our shareholders.”
Solid end-of-quarter cash balance
CannPal had a cash balance of $4.72 million in line with its budget forecasts and sufficient to continue with its research and development activities in the coming months.
READ: CannPal Animal Therapeutics director shows confidence in company’s cannabis-derived animal medications
Earlier this month, director Max Johnston demonstrated his confidence in the company’s cannabis-derived medications for animals by acquiring shares on-market.
Johnston, a non-executive director, acquired almost 64,400 shares with a total value of more than $9,000.