XPhyto Therapeutics Corp (CSE:XPHY), the science-focused cannabis group, has said it will be advancing its cannabidiol (CBD) based Epilepsy program to clinical studies immediately after making significant progress.
The firm is now finalizing the formulation and preparing for clinical studies in Europe in the second and third quarter of 2020, it said in a statement.
The move comes after its wholly-owned German subsidiary Vektor Pharma TF GmbH (Vektor) completed the initial stage of product development and established a number of critical parameters necessary for an efficient and well-defined dissolvable oral CBD dosage form.
The firm is developing an epilepsy treatment using its thin film delivery system, which was developed by Vektor, a narcotics manufacturer, importer, and researcher based in the German state of Baden-Württemberg.
XPhyto's CBD-based epilepsy treatment program is one of several dissolvable oral drug delivery initiatives for this year.
"Oral thin film drug delivery is a large and growing international industry which provides an alternative to conventional solid and liquid oral dosage forms. Transparency Market Research estimates that the global market for thin film drug manufacturing will be worth US$15.984 billion by 2024 and rising at a solid 9% CAGR between 2019 and 2024. XPhyto's additional oral thin film drug delivery programs include both cannabinoid and non-cannabinoid products for pain, neurology and infectious disease," Xyphyoto added.
The group also said it would update investors in due course on its infectious disease programs, particularly related to products relevant to the current global coronavirus (COVID-19) pandemic.
Shares were unchanged at C$1.70 each.
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