MELBOURNE, TUESDAY 30 MARCH, 2021: Pharmachal Health Group (“PHG” or “Company”) is pleased to announce the achievement of a series of major milestones in March that fundamentally improve its position and will provide immense momentum for the back half of 2021.
PHG has secured a >90% holding of NS Technologies, the development company holding the certified patents for the Nano Drug Delivery System (“NDDS”). Pharmachal had previously held unlimited rights to develop and sell products utilizing the NDDS methodology. The increased ownership position puts Pharmachal squarely in control of the pipeline of NDDS products it is developing.
PHG concurrently initiated the last commercial-scale trial batch of its NOPAYNE NDDS lidocaine spray, paving the way to submission to the Therapeutic Goods Administration (TGA) in mid-2021. Pharmachal has already successfully completed the first two stages of the ‘step-up’ process, confirming that NOPAYNE can be produced in 10-litre and 50-litre batches. The last commercial-scale batch will establish the Company’s ability to produce 100-litre batches using the specialised equipment it has developed. PHG aims to launch NOPAYNE in the Australian human and veterinary markets in the second half of 2021.
Pharmachal plans to also launch three new over-the-counter dermal products during the April quarter, including a physio cream, a foot cream and a eucalyptus-honey ointment. Management is currently finalising the details of the first production run. These products will be available for domestic and international sale in as few as six to eight weeks.
What an awesome month!