Avecho Biotechnology Limited (AU:AVE) has released an update.
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Avecho Biotechnology Limited has initiated a significant Phase III trial for its proprietary CBD soft gel capsule aimed at treating insomnia, with plans to recruit 519 patients across various Australian cities. The trial, designed in alignment with global regulatory body requirements, holds the potential for the first successful Phase III cannabidiol trial in Australia, which could lead to over-the-counter availability following regulatory approval. Financially, Avecho invested around A$406K in R&D this quarter and has approximately A$4.6 million in cash reserves, indicating a strong commitment to innovation and growth in the biotech sector.
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