The program extension will focus on the expedited development of a CBD sol-gel to potentially reduce the possibility of coronavirus infections.
Shares of PreveCeutical jumped 40% to C$0.035 in Toronto.
The technology works by infusing cannabis extracts into water-based sol-gels, which are delivered using a nasal spray applicator. PreveCeutical has been developing the sol-gel program since 2017 and spent more than $700,000 in research.
READ: PreveCeutical confirms its first peptide with promising preclinical potential as a non-addictive painkiller
The company is working with partners to create the terms of the program expansion with partners and expects formulation development to begin within the next few weeks. The company isn’t claiming that its product has the ability to eliminate or cure the coronavirus at the time, but if things go to plan, testing could be ready in as little as four months, PreveCeutical said.
Ultimately, PreveCeutical plans to engage with global health agencies to seek fast-track approval of the resulting CBD sol-gel formulation.
Although the company stressed that no guarantees could be made, it noted in a statement that some research has suggested that certain cannabis extracts may help in the prevention and treatment of the coronavirus.
PreveCeutical, based in Vancouver, is also advancing non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone, and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
Contact Andrew Kessel at [email protected]
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