FSD has also listed its real estate asset in Coburg, Ontario for sale and filed a mixed shelf registration for up to C$100 million
Inc (NASDAQ:HUGE) () stepped up its efforts to increase its cash on hand in the first quarter of 2020, the group reported on Thursday after the market bell.
The Toronto-based cannabis company ended the quarter with nearly C$8.4 million in cash after liquidating its equity interest in Cannara Biotech (CSE:LOVE) for C$7.7 million.
FSD also listed its real estate asset in Coburg, Ontario for sale and filed a mixed shelf registration for up to C$100 million.
READ: FSD Pharma kicks off in-human study of micro-PEA in Australia
On the operational front, FSD said in a statement that its Phase 1 first-in-human safety and tolerability study with FDS201, or ultra micro-palmitoylethanolamide, is progressing in Australia, with the clinical portion of the study expected to be completed by the beginning of 3Q 2020. Three single ascending dose cohorts have been completed to date, with no serious adverse effects reported, according to the company.
The study is examining FSD201’s ability to target receptors in patients’ endocannabinoid system and is designed to treat the symptoms associated with conditions such as fibromyalgia. Phase 1 is meant to evaluate the safety, tolerability and pharmacokinetics of the drug in healthy volunteers.
FSD’s wholly-owned subsidiary, the licensed producer FV Pharma, continues to operate “at a scaled-back level” due to the coronavirus pandemic, FSD said. The facility is fulfilling weekly shipments to existing customers while maintaining its genetics library.
FSD Pharma is focused on the research and development of cannabinoid-based treatments for several central nervous system disorders, including fibromyalgia, and irritable bowel syndrome.
The company reported a net loss for the period ended March 31, 2020, of C$12.4 million or C$1.33.
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