PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) has requested funding of C$29.5 million from the Canadian government to support the extension of its cannabis sol-gel program in a bid to battle the coronavirus (COVID-19) pandemic, it told investors Monday.
The health sciences specialist has submitted a statement of interest to the Strategic Innovation Fund (SIF), Canada, providing an overview of its plans.
SIF is providing financial support for a national medical research strategy to fight COVID-19 that includes vaccine development, the production of treatments, and tracking of the virus.
"We have been informed that the review by SIF of all proposals is underway and that 57 proposals seeking over C$1 billion in support under the program have been received," the firm said in a statement.
"SIF is working to ensure that projects selected to advance are prioritized as quickly as possible. This important decision-making process includes input from a number of experts in relevant medical and bio-manufacturing fields," it added.
The company said it was "optimistic" about the program extension and was looking forward to SIF's decision.
PreveCeutical has been working on its CBD sol-gel program since September 2017 and has spent over C$750,000 in research, not including management and employee overheads.
The program extension is focused on expediting the development of a cannabidiol (CBD) sol-gel, at GMP standards, to potentially reduce the possibility of coronavirus infections.
Shares In Toronto jumped over 16% higher at C$0.035.
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