CannPal Animal Therapeutics (proposed ticker code ASX:CP1) lodged its Prospectus with the Australian Securities and Investments Commission (ASIC) this week and hopes to list on the ASX in October.
CannPal is a pet pharmaceutical company researching the benefits of medical cannabis for companion animals, but founder and managing director Layton Mills emphasises that it isn’t just another “pot stock”.
“I like to think of CannPal as an animal health biotechnology company first and a medical cannabis company second,” says Mills. “Whole plant cannabis extracts are the Active Pharmaceutical Ingredients (API) we’re studying to develop our lead drug candidate, CPAT-01, and we’re putting the API through an arduous and robust research program to develop a standardised and dosage controlled pain medicine for companion animals.”
Mills explains that Non-Steroidal Anti-Inflammatories (NSAID’s) are the most commonly used treatments for pain in cats and dogs, but they come with a long laundry list of reported side effects and toxicities.
In recent years, there has been increasing interest in the use of medical cannabis in veterinary science, but the development of effective medicines has been hindered by a lack of quality research. CannPal is hoping to change this and has entered into strategic partnerships with leading veterinary research organisations and other listed companies working in the medical cannabis space.
Through CannPal’s partnership with Australian-listed Company Zelda Therapeutics (ASX:ZLD, CannPal has been able to leverage human medical cannabis research to fast track the company’s development. Invetus, Australasia’s largest veterinary research organisation, will assist CannPal in carrying out its clinical trials, starting with a comprehensive 3-phased pharmacokinetic and safety study in over 48 dogs.
CannPal has also entered into a Memorandum of Understanding (MOU) with Aphria, a global leader in medical cannabis. The MOU will allow CannPal access to high-quality medical cannabis oils for the purpose of its research.
CannPal lodged its application with ASIC on Monday and following the completion of the Initial Public Offering (IPO) is looking to raise up to $AUD 6 million to rapidly progress in the development of its clinical studies.
The capital raised will fund the clinical phase of CPAT-01, along with the research and development of other products in the CannPal’s therapeutic pipeline including a nutraceutical range of pet products using cannabidiol derived from the hemp plant, which the Company hopes to develop and commercialise while it’s carrying out its pharmaceutical studies.
Mills spent nine years in the fast-moving consumer goods (FMCG) industry and launched a number of products into the Australian market. Prior to founding CannPal, he oversaw the brand portfolio of Advanced Brokerage Australia, a leading FMCG broker, where he gained significant experience working in the pet food sector.
For CannPal, Mills has also chosen to surround himself with a highly credentialed management and advisory board, to ensure the Company can execute on its development plans.
“We’ve got some really big hitters on our team, including our Chairman Geoff Starr, who was the previous Managing Director of MARS Global Pet Care, Dr Kate Adams, co-owner of Bondi Vet, Max Johnston, the previous Managing Director of Johnson & Johnson and Dr Ted Whittem, who currently heads the Veterinary College at The University of Melbourne. Dr Whittem spent 9 years as the head of R&D with Jurox Animal Health and in his career he has taken over 30 drugs to approval.
Mills is confident that following the success of CannPal’s clinical trials, the company will be able to successfully gain regulatory approval for our cannabinoid-derived animal therapeutics and bring them to market.