Medicines

UQ strikes a deal with Canadian company to revolutionize the way patients take medical cannabis

The University of Queensland has struck a deal with Canadian health and wellness company PreveCeutical Medical which could revolutionize the way patients take medical cannabis.

Invented at the UQ School of Pharmacy by Dr Harendra Parekh and his team, the Sol-Gel technology is a liquid solution that converts to a gel upon contact with the internal membranes of the human body, such as the nose.

UQ’s commercialization company, UniQuest, granted PreveCeutical the rights to use the Sol-Gel technology for the specific delivery of cannabinoids to all regions and membranes of the human body.

The deal executed by UniQuest includes a license to the patent application.

UniQuest CEO Dr Dean Moss said the deal was a result of the long-term and ongoing relationship between UniQuest and PreveCeutical, and built on PreveCeutical’s early commitment to develop the UQ Sol-Gel technology for the nasal delivery of cannabinoids.

This deal is a great testament to the strength and willingness of UQ researchers to engage with industry and work together to create impact through the development of potential new treatments.”

Dr Dean Moss, ​UniQuest CEO

PreveCeutical chairman and CEO Stephen Van Deventer said the company would also look at other product formats to deliver cannabinoids using UQ’s Sol-Gel technology, including via the skin.

“This is a very exciting time for PreveCeutical,” Mr Van Deventer said.

“We have been developing the cannabinoid Sol-Gel delivery system with UQ through UniQuest since 2017, with a focus on nasal delivery.

“Having this license agreement in place, we can now work with partners to commercialize products for the cannabinoid Sol-Gel formulation products in the form of a nasal spray.

“Through the strength of our working relationship with UniQuest, we are delighted to finalize the terms of the license allowing PreveCeutical to use the cannabinoid Sol-Gel formulation technology to develop other formats, such as the transdermal delivery of cannabinoids.”

Content Source: https://www.news-medical.net/news/20211118/UQ-strikes-a-deal-with-Canadian-company-to-revolutionize-the-way-patients-take-medical-cannabis.aspx

Gemma Wilson

Gemma is a journalism graduate with keen interest in covering business news – specifically startups. She has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years.

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