InhaleRx wins industry innovation award for Medihale medicinal cannabis device
InhaleRx won the Innovation Award for its Medihale inhaler device at Australia’s 2021 Cannabis Industry Awards.
InhaleRx (ASX: IRX) has won recognition at the nation’s annual Cannabis Industry Awards for the development of Australia’s first sealed medical cannabis inhaler.
The company – which rebranded this month from Lifespot Health – received the innovation award for its Medihale portable device which uses a tamper-resistant pod to deliver medical-grade cannabis e-liquids for inhalation.
The device employs heat (not burn) technology, avoiding the production of pyrolytic toxins and carcinogens often created when combusting plant materials such as tobacco or the leaves of cannabis flowers.
The pods will initially be filled using a proprietary cannabinoid e-liquid formula developed by InhaleRx’s commercial partner Ethical Cannabinoid Pharmaceuticals, with additional offerings expected before year end.
Patients are able to get a subscription for Medihale from their local clinic via the Special Access Scheme portal run by the Therapeutic Goods Administration.
The Australian cannabis sector is predicted to be a $22 billion industry within the next 10 years, with growth rates on par with broadband internet in the early 2000s.
The Cannabis Industry Awards aim to recognise the sector’s growing economic contribution.
Productive quarter
InhaleRx’s award capped off a productive September quarter focused on administration and corporate functions relating to its change of focus.
The rebranding has been termed a “natural evolution” for the company, which announced a strategic change of direction last year from promoting skin cancer screening technology to the development of inhaled medicine delivery systems.
During the quarter, the company finalised rebranding activities including name and logo development and the development of digital, administrative and online digital assets.
Following the resignations of directors Frank Cannavo, Justyn Stedwell and Rodney Hannington in July and August, Sean Williams was appointed as chairperson and non-executive director, while Darryl Davies and Andrew Saich were appointed as non-executive directors.
Legal action undertaken in the June quarter to recover German loans was closed out with the receipt of a $42,000 cash settlement and disputed trademarks transferred to InhaleRx.
Product development
InhaleRx continued to work with EC Pharmaceuticals to accommodate new cannabinoid formulations for Medihale and these are expected to be launched in the current quarter.
Research and development activities have included the assessment of new ceramic coil technology, as well as the optimisation of coil apertures.
Additional gap analysis work into new inhaled delivery systems in preparation for US Food and Drug Administration pre-investigational new drug submissions have identified promising device technology alternatives for advancement into a clinical trial program.
InhaleRx’s supply chain and logistics components are also being refined and include the investigation of available commercial fill machine options and entering into agreements for the validation of its Medihale vape pod-filling machines.
This is in preparation for a switch from compounding pharmacy supply to GMP (good manufacturing practice) production in the near future.
Financial results
Net cash outflow from operating activities during the quarter was $401,000, reflecting an ongoing lean Australian administration and operational set-up.
It included an initial payment to Camargo Pharmaceutical Services for the development of a regulatory pre-investigational new drug package, and $52,000 in annual ASX fees and product liability insurance.