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Avecho Biotechnology Limited ( (AU:AVE) ) has issued an announcement.
Avecho Biotechnology Limited has received $1.66 million under the Australian Government’s R&D Tax Incentive Scheme for the year ended 31 December 2024. This funding underscores the company’s commitment to developing cannabinoid formulations for pharmaceutical registration and will support the repayment of advances, ongoing clinical trials for insomnia, and the company’s commercialization strategy. The Phase III trial of Avecho’s CBD TPM soft-gel capsule is a pivotal step towards pharmaceutical registration, potentially positioning Avecho as a leader in the Australian over-the-counter CBD market, which is expected to grow significantly.
More about Avecho Biotechnology Limited
Avecho Biotechnology Limited is a company that develops and commercializes innovative health products for humans and animals using its proprietary drug delivery system, Tocopheryl Phosphate Mixture (TPM), derived from Vitamin E. The company focuses on enhancing the solubility and absorption of drugs and nutrients, with its lead asset being a cannabidiol (CBD) TPM soft-gel capsule currently in Phase III clinical development for insomnia treatment.
Current Market Cap: A$12.69M
For a thorough assessment of AVE stock, go to TipRanks’ Stock Analysis page.