NanaBis is a mouth spray and will be clinically tested in advanced stage cancer patients.
Ltd () has successfully completed a placement of shares to institutional and sophisticated investors to raise $24 million at $0.90 per share.
Last year, the company had received approvals to begin human trials of its cannabis based medicine - NanaBis.
NanaBis is packaged as a mouth spray and will be clinically tested in advanced stage cancer patients with intractable pain.
The new funds will help accelerate the commercialisation of NanaBis™. Medlab's NanaBis program is already running 12-18 months ahead of schedule.
The funds will also help Medlab to accelerate its research and development program for other areas in chronic diseases, including obesity, diabetes and depression.
READ: wins patent for its unique anti-depression product
In 2017, the company was granted a 20-year patent covering the Australian market for its probiotic product, NRGBiotic™.
NRGBiotic is a probiotic formula which is indicated to support healthy cellular energy production and it has demonstrated significant results for depression sufferers.
According to the World Health Organisation (WHO), 350 million people worldwide suffer from depression.
Medlab’s share price has increased circa 52% over the past one month, last closing at $1.12.
