Shares of CannPal Animal Therapeutics Limited [ASX:CP1] have risen 2.44% instantly upon opening, after announcing it had entered into a research agreement with Eurofins Animal Health Pty Ltd to develop a cannabis-derived pain treatment for cats.
The pet pharmaceutical company’s shares are trading at 21 cents, up 5 cents from yesterday’s closing price.
CannPal aims to research, develop and commercialise dosage controlled, regulatory approved pharmaceuticals derived from the cannabis plant, with an initial focus on cats and dogs in the US, Europe and Australia.
CannPal’s research agreement with Eurofins Animal Health
The research collaboration with Eurofins, a world leader in veterinary research, is to expand the development program (CPAT-01) for the company’s lead drug candidate being developed as pain control for dogs.
Early last month, CannPal successfully completed Phase 1A of the Pharmacokinetic and Safety study for CPAT-01, with all endpoints being met. This has given CannPal the confidence to broaden the potential of the drug candidate by including cats (CPAT-01C).
The agreement states that Eurofins will be responsible for fulfilling ethics reporting requirements and will carry out the animal phase of the research.
Currently nonsteroidal anti-inflammatory drugs (NSAIDs) are the most commonly used treatment for pain in cats, with only two being approved for use by the Food and Drug Administration in the US. None of which are approved for long-term use due to side effects and toxicities.
The company is hoping that that CPAT-01C can offer an alternative solution to treat pain in cats. CannPal’s Founder and Managing Director Layton Mills said:
‘We believe that there’s a significant unmet need for a feline pain treatment with a more desirable safety profile, and I strongly feel that this opportunity can create added value for our shareholders.’
What’s next for CannPal Animal Therapeutics?
The animal health care company has identified a unique opportunity to benefit from the rapidly growing medicinal cannabis market by developing an alternative to NSAIDs derived from the cannabis plant for animal companions.
The NSAIDs market is worth $1.4 billion globally, which provides huge potential if CannPal can successfully deliver. While CannPal has had great success in their clinical trials so far, we will have to wait and see whether veterinarians approve and adopt CPAT-01 and CPAT01C.
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