Digital health provider Lifespot Health (ASX: LSH) is edging into Israel’s medical cannabis market after entering discussions to have its Seng Vital vaporiser, which comprises the certified BodyTel software platform, used in upcoming clinical trials that Israel-based companies are carrying out with a view to commercialising the product in the region.
Lifespot’s 50%-owned subsidiary Seng Vital developed the vaporiser which is activated by a patient’s finger print. Once it is activated, the vaporiser allows cannabis to be inhaled from oils or herbs.
The Bluetooth enabled vaporiser has been integrated with Lifespot’s wholly-owned subsidiary BodyTel’s Monitoring and Collection software platform. The software gathers and collates data and readings from the vaporiser, which patients and their authorised physicians can then review and evaluate.
In addition to the device’s finger print security feature, active ingredient medical cannabis capsules contain a central pharmaceutical number to ensure authorised use.
Lifespot claims the security features makes the vaporiser more likely to be recognised as a medical device by the US Food and Drug Administration.
“Due to the exact dosage and complete monitoring by means of our certified BodyTel platform, that has already been tested by several well-known medical device manufacturers, we will bring a product to the market which meets all requirements for a medical device,” Lifespot executive director Heiner Emden said.
Israel and medical cannabis market
Mr Emden said the company’s strategy behind its entry into Israel was because Israel is one of the “world’s leading epicentres” for cannabis research and development.
He said the country was leading the way in the evolution of the medical cannabis market.
“We are delighted to be here talking to the leading players in cannabis and see strong potential for our integrated system as an enabler for clinical studies and commercialisation,” added Mr Emden, who is also the managing director of BodyTel said.
Global medical cannabis market
According to Lifespot, its Seng Vital device with the integrated BodyTel technology has a “huge growth market”.
Lifespot cites Arcview Market Research and BSD Analytics, which projects the world market for legal cannabis applications will be worth more than US$57 billion by 2027, with medical cannabis applications to account for US$19 billion of that market.
In early afternoon trade, Lifespot’s share price had risen almost 8% to A$0.14.