Animal health company CannPal Animal Therapeutics (ASX: CP1) has entered into a research agreement with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) under the CSIRO’s Kick-Start initiative.
CSIRO’s Kick-Start program was launched in April 2017, providing innovative Australian start-ups with funding support and access to CSIRO’s research expertise and facilities.
The program offers eligible businesses access to “dollar-matched funding vouchers” between A$10,000-A$50,000 to undertake a variety of research activities alongside the CSIRO.
The CSIRO is considered Australia’s “national science agency” and one of the largest and most diverse research agencies in the world, employing a team of more than 5,000 scientists and engineers.
CannPal and the CSIRO will collaborate in conducting initial research into “formulation work” that will look to improve the efficacy of its therapeutic products, and ultimately, expand the company’s commercial potential.
As a company, CannPal is focused on developing pharmaceuticals based on cannabis to deliver beneficial medicines for animals such as dogs.
The company says that it is “researching and developing medicines derived from cannabinoids to provide veterinarians with clinically validated and standardised therapeutics to treat animals in a safe and ethical way.”
Currently, CannPal is developing a range of cannabis-based therapeutic products including its lead product DermaCann (a nutraceutical to treat canine skin complaints) which intends to help companion animals. CannPal is also developing CPAT-01 as a veterinary medicine for pain in dogs.
Another Canadian connection
Late last year, the company secured its import licence from the Australian Government’s Office of Drug Control, thereby allowing it to import cannabis formulations into Australia for research on its CPAT-01 drug.
The cannabis formulations will be imported courtesy of an agreement with Canada-based company Aphria, which will supply cannabis oils for the CPAT-01 drug research.
The relationship between Canada’s burgeoning cannabis industry and Australia’s very own counterpart is developing on all fronts including animal care, not just medicinal cannabis for human consumption.
CannPal intends to advance new and existing delivery systems to create proprietary formulations of its therapeutic products, which CannPal management believes could provide a significant competitive advantage.
“We are very pleased to have received this funding voucher as part of our research agreement with the CSIRO. Our vision is to be a global leader in cannabinoid-derived therapeutics, and through this research agreement, we’re confident that we can develop added value that can significantly advance the development of our therapeutic platform,” said Layton Mills, managing director of CannPal.
By midday, CannPal’s share price was up more than 5% to A$0.20.