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Medlab Clinical substantial shareholder Farjoy lifts holding through on-market purchases

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The Sydney-based investor has demonstrated confidence in the company’s medical research strategy.

Farjoy now holds almost 24 million shares, or 11.53%, of Medlab

() substantial shareholder Farjoy Pty Ltd has increased its holding in the company through a series of on-market purchases.

The Sydney-based investor now holds almost 24 million shares, or 11.53%, of Medlab, up from 10.51%.

Since 17 August 2018, Farjoy has acquired more than 2.123 million shares on-market at prices ranging from 34 cents to 43 cents.

The total value of these acquisitions is almost $840,000.

Medlab has various research and development programs focused on delivering therapies for a range of chronic conditions.

As well as developing bacteria-based medicines for treating depression, diabetes and chronic kidney disease, Medlab has developed two cannabis-based medicines for oncology patients.

READ: Medlab Clinical proceeding to stage II for cannabis cancer trial

This week the company announced that it has completed stage I of the NanaBis™ human trial on cancer patients at Sydney’s Royal North Shore Hospital.

NanaBis™ is one of two of Medlab’s cannabis-based medicines which contains formulations of tetrahydrocannabinol (THC) and cannabidiol (CBD).

Medlab has received formal approval from the appropriate authority to proceed to stage II of the human cancer clinical trial, which will focus on further safety but also tolerance and dose escalation.

Key data findings from stage I include that NanaBis™ is safe, is effective up to nine hours in a single dose, and early indications confirm it helps with pain reduction.

In stage II, Medlab will continue with cancer patients but this time with unmanaged pain.

READ: Medlab Clinical receives positive early research results for NanoCelle™

In September, the company received preliminary results from research reviewing its patented delivery platform, NanoCelle™.

NanoCelle™ delivers medicine in a tiny particle form in a spray into the mouth and it is being tested using Medlab’s cannabis-based medicines, NanaBis™ and NanaBidial™.

The research concluded positively that molecules of the medicines, NanaBis™ and NanaBidial™ showed a consistent uniform pattern in nanoparticle form.

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