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PreveCeutical executes pact for developing CBD Sol-Gel nasal spray formulation as a potential coronavirus treatment

CEO Stephen Van Deventer said the company is “hopeful” about being a part of the search for the pandemic solution

PreveCeutical -- executes agreement for development of CBD Sol-Gel nasal spray formulation as a potential coronavirus treatment
The technology works by infusing cannabis extracts into water-based sol-gels, which are delivered using a nasal spray applicator

PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) said Monday that it has extended an agreement with UniQuest Pty Ltd to apply the company’s Sol-Gel nasal formulation technology to develop a potential coronavirus (COVID-19) treatment.

The Vancouver-based company recently announced the successful completion of its cannabinoid Sol-gel program with the University of Queensland and UniQuest Pty Ltd.

The technology works by infusing cannabis extracts into water-based sol-gels, which are delivered using a nasal spray applicator.

“After successful completion of the cannabinoid Sol-Gel program, PreveCeutical has elected to extend the program and apply the Sol-Gel nasal formulation technology to seek to develop a treatment for COVID-19,” the company said in a statement.

Investors responded to the news, sending shares up 9.5% in the OTC Markets to US$0.046, while the stock was trending higher at C$0.06 in Canada.

READ: PreveCeutical Medical turns to CBD sol-gel program to develop possible coronavirus treatment

PreveCeutical said it will provide the CBD extract that researchers have identified as having anti-inflammatory properties, and the potential to “reduce the ability of SARS-CoV-2 to infect nasal mucosa tissue”.

Researchers from University of Queensland will develop the CBD extract into a Sol-Gel nasal formulation to be used with a nasal spray device. The COVID-19 CBD Sol-Gel formulation development is expected to take around three months after the delivery of the of the CBD extract. PreveCeutical will be responsible for pre-clinical testing. 

The company will have the rights to the program's intellectual property.

"Our research on incorporating cannabinoid in the Sol-Gel delivery system commenced in July 2017 and recently completed the in vitro proof of concept,” PreveCeutical CEO Stephen Van Deventer said in a statement.

“Having such an opportunity now to develop a CBD Sol-Gel formulation, which could potentially help in COVID-19 exposed patients, is very exciting to us." 

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Price: 0.035 CAD

CSE:PREV
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