PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) (FRA:18H) says it will submit a revised application to Canada's Strategic Innovation Fund (SIF) over potential funding for its cannabis sol-gel nasal program to address the coronavirus (COVID-19) pandemic.
It comes after the health sciences group received notification that its initial plan, made as part of the second phase of Canada's National Medical Research Strategy, would not be receiving further consideration.
PreveCeutical said its sol-gel program to address the virus was scheduled to be completed by the end of October this year, and once it has received a final report, it will submit a revised application to include further information and scientific data from the final report.
The company added it was working on trying to secure funds from other sources and is continuing to work with Veristat to prepare for the Sol-gel COVID-19 clinical trials.
"There are a number of research and clinical trials underway for COVID-19 vaccines. Bringing this to the people for protection against COVID-19 may take several months," said Stephen Van Deventer, PreveCeutical's chief executive in a statement.
"PreveCeutical's therapy, which would be a self-administrative, OTC product, could come to market within a shorter timeframe than a prescribed drug.
"This product could potentially provide some required protection whilst the vaccines are being developed and tested. We believe that this would provide a great benefit to the public, and we are committed to bringing this to market."
Coronavirus is a global pandemic, which has so far claimed the lives of over 1 million, with total cases currently standing at 37.5 million.
The company noted in the statement that it was not making any express or implied claims that its product has the ability to eliminate, cure or contain the disease at this time.
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