IHL announces its quarterly activities and cash flows report
2020-01-31 05:11:23 (AET) by Tommy Li 2626
On 31st January, Impression Healthcare (ASX: IHL) announced its quarterly activities report and Appendix 4C for the period ended 31st December 2019.
On 31st January, Impression Healthcare (ASX: IHL) announced its quarterly activities report and Appendix 4C for the period ended 31st December 2019. The report covers the company’s progress across its range of cannabinoid therapeutic products and provides update on the appointment of Chief Scientific Officer and the company’s Oral Devices division.
Impression Healthcare, part of the new wave of medicinal cannabis development, is currently conducting clinical trials of cannabinoid drugs with the goal of developing 4 uniquely formulated, patented and registered medicinal cannabis products for different conditions for the treatment of obstructive sleep apnoea (OSA), Traumatic brain injury/concussion, temporomandibular joint disorder, and periodontitis (gum disease).
Each of the four development regions represents a huge global market, with each potential market valued at billions of dollars. For example, the market size for the current traditional treatments for OSA is estimated at over $10B per annum.
During the quarter, significant advancements have been made to its cannabinoid therapeutic products.
- Impression has received all relevant permits for the importation of key cannabinoid constituents of IHL-42X required for clinical trials.
- Significant progress has been made in relation to IHL-216A for the treatment of Traumatic Brain Injury and Concussion.
- Completion of an expanded clinical trial protocol to assess IHL-216A on sports people immediately following head knocks likely to cause concussion.
Patent filing for IHL42X
During the quarter, Impression filed a patent over the use of the pharmaceutical drug IHL-42X to be used as a nocturnally administered pill to treat OSA. OSA which is the second most diagnosed respiratory condition after asthma, making it the largest cause of chronic pathology for which no registered pharmacological treatment exists today.
Impression beliefs the patent-pending IHL-42X will become a superior option for OSA sufferers as opposed to existing conventional treatment method of CPAP device. The pill form treatment is significantly less intrusive in comparison to the uncomfortable and disruptive CPAP device.
Extensive work are done by the world recognised specialist sleep physician Dr David Cunnington and Impression’s CMO Dr Sud Agarwal in the lead up to the patent filing.
Patent Filing for IHL-216A for TBI
Impression also filed a patent application for its other pharmaceutical drug IHL-216A to be used as a neuroprotective agent administered post-head trauma, which is believed to reduce neuronal cell death and damage.
The drug discovery team at Impression beliefs that the drug will shield the brain from secondary immune-mediated damage, preventing patients from significant brain injury after losing their conscious due to head trauma.
TBI accounts for approximately 10 million deaths and/or hospitalization annually in the world (Schuman et al., 2017) and there are currently no pharmaceutical agents approved for the treatment of Traumatic Brain Injury.
Appointment of Chief Scientific Officer – Dr Mark Bleackley
Dr Mark Bleakley was recently appointed as the Chief Scientific Officer by Impression. Dr Mark Bleakley will work with Dr. Sud Agarwal, Dr. David Cunnington, advisory board members and other research staff from Swinburne University in managing the OSA and other clinical programs.
Dr Bleakley has a PhD in Cell Biology and Genetics from the University of British Columbia, he is experienced with clinical trial design and implementation, and has being named in 30 peer reviewed scientific publications during his career.
Medicinal Cannabis INCANNEX Oil Products
Incannex Pharmaceuticals, a wholly-owned cannabis subsidiary of Impression, has prescribed Incannex CBD-100 oil and sourced more than 1,000 patients through the Australian Therapeutic Goods Administration (TGA)'s Special Access Scheme (SAS).
This represents Impression's first revenue in its innovative medicinal cannabis field. Through a strategic partnership with Cannvalate, Australia's largest distributor of medicinal cannabis products, 254 patients have been approved to use Incannex CBD-100 oil in just 30 days, with another 800 cases are pending medical and TGA approval.
Impression will continue to focus on the clinical development of cannabinoid products. However, it is also seeking to increase Australian cannabinoid product sales and patient numbers under an expanded SAS sales program.
Oral Devices Division
IHL maintained low staff presence in Australia for general management and quality control and continued its reductions in operating expenditures and overheads by relocating its Oral Devices production to Shenzhen, China.
The Company experienced growth in its B2B Preferred Practitioner Network of Dentists (‘PPN’) with the re-contracting of key PPN partners and organic growth.
Appendix 4C Cash Inflows and Outflows
Sale of cannabinoid therapeutic products and oral devices resulted in cash inflows from operation of $282k. The Company had $5.128M at the end of the December quarter and forecasted estimated outflow for the quarter of $1.45M, which includes a budgeted amount for a significant order for medicinal cannabis oils. The forecasted estimated outflow for the quarter does not account for any cash inflows associated with medicinal cannabis sales and the peak sales season for oral devices.
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Information Source: Quarterly Activities Update and Appendix 4C