PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) (FRA:18H) on Tuesday said it is advancing its coronavirus (COVID-19) Cannabinoid Sol-Gel Program.
With the successful completion of the COVID-19 CBD Program, a sol-gel based formulation has been developed to deliver medicinal cannabis, the company said in a statement.
Vancouver-based PreveCeutical added that it will provide further information once the final report for this program is received.
READ: PreveCeutical Medical set to submit a revised application for potential coronavirus therapy funding
With the use of a nose applicator, the sustained-released Sol-Gel formulations allows for the direct and prolonged delivery of cannabinoids to a patient's central nervous system. The program is designed to prevent SARS-CoV-2 (the virus that causes COVID-19) infection in nasal tissue.
"We are very pleased to repurpose the outcomes of our past cannabinoid sol-gel program to develop a specific formulation with the potential to address COVID-19,” said Stephen Van Deventer. “We are looking forward to receiving the final report, at which time we will look to file a patent on the formulation science and move towards the start of the clinical trials process."
The company noted that is not making any express or implied claims that its product candidate has the ability to eliminate, cure, or contain COVID-19 at this time.
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