On October 21, 2021 Cannabics reported that develops cannabinoid-based, tumour reducing therapies (Press release, Cannabics Pharmaceuticals, OCT 21, 2021, View Source [SID1234593956]). Its bioinformatics platform evaluates the efficacy of thousands of cannabinoid compounds on various cancers. In addition, it has recently launched a psychedelic inspired research programme focused on neuropsychiatric disorders. Its most advanced therapies target the $18bn colorectal cancer market, with human clinical trials planned to commence in 2022. Earlierstage therapies target breast cancer, prostate cancer and melanomas. Cannabics has five granted patents and 20 patents pending.

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Preparing pre-IND packages
Cannabics is currently preparing a pre-IND meeting package for its colorectal cancer treatment RCC-33. In June 2021, Cannabics announced RCC-33 in-vivo interim results that showed a 30% reduction in tumour volume versus a control group. The company expects Phase I/IIa to commence in the second half of 2022 and be complete by the end of 2024 at an estimated cost of $5m. Also targeting colorectal pre-cancerous polyps, PLP-33 is in preparation for a pre-IND meeting package and synopsis for a Phase I.

Beefing up the board
In combination with Cannabics’s recent initiation of research into a new melanoma treatment, Professor Caroline Robert (MD PhD), a melanoma expert, has recently (August 2021) joined the company’s clinical advisory board. Also joining in August was Dr Sigal Tavor (MD), a haemato-oncology expert. In September 2021, Neuropsychiatrist Dr Ilya Reznik (MD) joined the company management as head of psychedelic inspired medicine as part of the strategy to develop new psychedelic inspired medicines and therapies to address severe mental health related conditions.

Addressing major markets
Cannabics therapies addressing melanoma (MLN-33), breast cancer (BRST-33) and prostate cancer (PRST-33) are in preclinical in-vitro trials. All three are expected to move to in-vivo studies in 2022. Neuropsychiatry therapies targeting mental health conditions are in the discovery phase.

Financials
For the most recent quarter ending May 2021, Cannabics had cash and cash equivalents of $2m. During the quarter, the company reported a net loss of $1.3m including a non-recurring expense of $0.6m