Australian healthcare and technology company InhaleRx (ASX: IRX) has confirmed that the renewed focus on business development has attracted interest from potential white label partners in Australia and New Zealand, opening up new opportunities to increase market penetration of its Medihale devices.
The company made the announcement in its report for the year ending Dec. 31, in which it recorded revenue from the sale of Medihale vaping devices and pods of $167,301, compared to $12,557 in the year. former.
It plans to begin marketing its own medicinal cannabinoids for use in Medihale devices, having recently applied for wholesale and import-export licenses relating to source and supply.
Other financial results include a loss for the consolidated entity (after income taxes and non-controlling interests) of $1.11 million, down 7.8% from $1.20 million of the previous year.
During the reporting period, InhaleRx embarked on a range of inhaled therapeutic medicinal formulations for registration in Australia and overseas.
The company is in the process of opening Investigational New Drug Applications with the United States Food and Drug Administration for use of the formulations in the treatment of chronic regional pain syndrome (CRPS) and panic disorder.
CRPS usually develops after an injury, surgery, stroke, or heart attack and typically affects an arm or leg, with the pain usually disproportionate to the severity of the initial injury.
There are currently no approved drugs to treat the disease.
Panic disorder refers to the experience of recurrent, debilitating panic attacks that last up to a few minutes and are accompanied by physical symptoms such as heart palpitations, tremors, shortness of breath, and dizziness.
Like CRPS, there is currently no effective treatment for panic disorder, with sufferers forced to resort to atypical antidepressants, sedatives (benzodiazapines), and anticonvulsants (gabapentin).
New drug combinations
InhaleRx is developing new drug device combinations of tetrahydrocannabinol (THC) for CRPS and cannabidiol (CBD) for panic disorder in pressurized metered-dose inhalers (pMDIs) aimed at rapid symptom relief.
The company has appointed a group of UK-based formulation experts experienced in preparing cannabinoids for inhalation.
The group will assemble a drug device and formulation combination using pMDI devices for both indications.