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Avecho Biotechnology Limited ( (AU:AVE) ) has provided an update.
Avecho Biotechnology Limited has expanded its Phase III insomnia trial by activating three new clinical sites in Sydney and the Gold Coast, accelerating recruitment with 131 participants already on study medication. The company is strategically planning for Therapeutic Goods Administration registration and commercialization of its TPM-enhanced CBD capsule, aiming to be the first over-the-counter CBD product for insomnia in Australia. With a cash balance of A$5.9 million and a recent receipt of $1.66 million from the Australian Government’s R&D Tax Incentive Scheme, Avecho is well-positioned to capitalize on Australia’s regulatory reforms allowing OTC sales of low-dose CBD products, projected to exceed US$125 million annually.
More about Avecho Biotechnology Limited
Avecho Biotechnology Limited develops and commercializes innovative human and animal health products using its proprietary drug delivery system called Tocopheryl Phosphate Mixture (TPM®). This system, derived from Vitamin E, enhances the solubility and absorption of drugs and nutrients. Avecho’s lead product is a cannabidiol (CBD) TPM soft-gel capsule, currently in Phase III clinical development for treating insomnia.
Current Market Cap: A$14.28M
See more data about AVE stock on TipRanks’ Stock Analysis page.