InhaleRx achieves critical milestone with licence to store and sell controlled substances

InhaleRx (ASX: IRX) has achieved a critical milestone after it was awarded a licence to store and sell controlled substances, including medicinal cannabis.

The company revealed this morning the Victorian Government’s Department of Health and Human Services had granted it licences under the Drugs, Poisons and Controlled Substances Act 1981.

These licences pave the way for InhaleRx to wholesale scheduled substances, including Schedule 2, 3 and 4 medications, in addition to limited Schedule 8 substances, which includes medicinal cannabis.

InhaleRx plans to store and distribute the medications using accredited third-party logistics suppliers to authorised recipients across Australia.

Commenting on securing the licences, InhaleRx executive director Darryl Davies said it was an “important milestone” for the company and supports its mid-to-long term objectives.

“Given this development, the company can now take ownership of scheduled medications, which creates possibilities for new product development and revenue streams.”

“The company also achieves supply chain efficiencies for procurement of cannabidiol (CBD) and dronabinol (THC), which are both required for each of its planned clinical trial programs, without the need for third parties,” Mr Davies added.

Cannabinoid formulations

During the December quarter, InhaleRx continued advancing cannabinoid formulations to treat complex regional pain syndrome and panic disorder.

InhaleRx said its overarching goal is to secure United States Food and Drug Administration approval for its formulations in treating these conditions.

As part of this, InhaleRx has identified the most suitable inhaled system delivery device for each application. It has engaged Camargo Pharmaceutical Services to complete an initial feasibility assessment.

Medihale device

InhaleRx has developed Medihale vaping devices to give controlled doses of CBD and THC formulations.

Commercial partner EC Pharma currently supplies the formulations for use in the device.

In early December, the duo successfully launched a new range of cannabinoid formulations comprising CBD:THC and THC ingredients.

Additionally, InhaleRx is in discussions with a number of parties regarding while label opportunities for its Medihale device.

During the December quarter, InhaleRx inked a commercial supply agreement allowing Cannim to use its Medihale pods and device to deliver its own cannabinoid formulations.

This agreement is for two years, with potential for a further two year extension.