Biotech company Creso Pharma (ASX: CPH) has pleased shareholders by announcing the upcoming launch of a new product and booking its first revenues to the tune of CHF230,000 (A$311,940).
In partnership with Doetsch Grether, a distribution company, Creso Pharma is planning on expanding its total sales in Switzerland and will rely on Doetsch to target more than 2,000 pharmacies in Switzerland and Liechtenstein.
Creso and Doetsch Grether are set to launch Creso’s cannaQIX human health product in Switzerland and Liechtenstein in March 2018, which “sets the cornerstone for Creso Pharma’s global commercialisation strategy”, according to a market update by.
Through a commercial deal with Doetsch Grether, Creso hopes to leverage the company’s ability to market and distribute pharmaceutical and consumer care products and thereby raise its commercial footprint throughout Europe by using Switzerland as a springboard.
The first commercial opportunity for Creso to record its first revenues is via cannaQIX, a proprietary “nutraceutical” product containing organic hemp extract with cannabidiol(CBD), vitamins and zinc, “aiming to reduce stress and to support mental and nervous functions,” according to Creso.
Creso says that its unique synergistic formula contains standardised full plant hemp extracts with CBD and seed oil, vitamins, zinc, and capsicum, which all combine to supplement the body with needed cannabinoids. Furthermore, Creso believes its formulations are able to contribute to a well-balanced endocannabinoid system in the body.
According to research done so far, cannaQIX has been proven to be safe, well tolerated, non-euphoric, not-addictive and sugar-free.
The standardised user-friendly strength and formulation allow a precise dosage control assuring a reliable and stable effect over several days.
Furthermore, Creso’s innovative buccal delivery formulation provides good absorption and high bioavailability, thereby raising its potency and effectiveness when consumed.
“We are proud to launch the cannaQIX products with a highly reputable Swiss Pharma company such as Doetsch Grether and this launch paves the way for our global commercialisation efforts for the product,” said Dr Miri Halperin Wernli, Creso Pharma co-founder and Chief Executive Officer (CEO).
Thomas Wyss, CEO of Doetsch Grether added: “We see strong demand for safe and reliable hemp-derived products in the Swiss market. The cooperation with Creso Pharma gives us a great opportunity to bring a unique and attractive hemp-derived nutraceutical to the Swiss pharmacies and drugstores.”
The target addressable market for complementary therapeutic solutions for stress and anxiety in Switzerland is estimated to grow to between 30 to 40 million Swiss francs ($A40.7 to A$54.2 million) by 2022. Creso is aiming to generate significant sales during this growth phase and is launching various products including the non-psychoactive element for cannabis (CBD), thereby avoiding the need for patients to require medical prescriptions.
Two products now being commercialised
Last year, in partnership with Virbac AG, Creso launched anibidiol, a proprietary nutraceutical product designed for animals, with cannaQIX now being launched and marketed to further add to Creso’s product range.
According to Creso, it is “currently in the process of finalising the access and distribution agreements in a number of key countries in Europe, as well as Latin America.”
The growing biotech company said that following the first three months of sales of the anibidiol CBD complementary feed product for companion animals, “the commercial partnership with Virbac AG Switzerland points to a successful launch and an effective start to the commercial partnership.”
Virbac was instrumental in generating broad media coverage of Creso’s anibidiol product and has since reported that vets and pet owners have provided “excellent” feedback, confirming that anibidiol “contributes to balanced behaviour” when consumed by animals.
Due to the unique formulation and positioning of cannaQIX, combined with the current interest in CBD products and their effectiveness in animal and human health, Creso also expects a very successful launch of cannaQIX in the Swiss market.