Australian medicinal cannabis device company Lifespot Health (ASX: LSH) has officially changed its name to InhaleRx (ASX: IRX), with the change to take effect on Wednesday.
The new moniker 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.
It is a combination of the word “inhale” and the letters “Rx” which are common shorthand for prescription, and is believed to better reflect the company’s focus on medical inhalation devices for the delivery of prescribed medicines.
InhaleRx said it would partner with the likes of Camargo Pharmaceutical Services and Canadian investment fund Ela Capital to deliver breakthrough therapies to patients in an affordable and high-quality format, supported by strong clinical evidence.
Camargo has developed a strategic plan for navigating regulatory pathways, while Ela acts as corporate advisor assisting InhaleRx with the commercialisation of its technologies in the global cannabis market.
InhaleRx’s current flagship product is the Medihale cannabinoid inhaler system, which has been marketed as Australia’s first and only sealed pod device designed specifically for use with medical cannabis inhaled formulations.
It utilises heat (not burn) technology, thereby avoiding the production of pyrolytic toxins and carcinogenics often created when combusting plant material such as tobacco or cannabis leaves.
Tamper-proof Medihale pods encase a high-quality c-liquid, which is the liquid form of the medical cannabinoid.
InhaleRx said initial reports from patients and prescribing doctors had reflected positively on the effectiveness of the inhaler (and the CBD e-liquid), the ease of use and the “high-end look and feel” of the product design.
After evaluating the regulatory pathways offered by Australia’s Therapeutic Goods Administration and the US Food and Drug Administration, InhaleRx announced in July that it would pursue FDA approval for its ability to offer a faster timeline to registration of Medihale.
It would also provide earlier access to the US market, while allowing for “accelerated mutual recognition regulatory pathways” in Canada, Australia and the European Union.