Looking to capture share in a dried cannabis market that the Canadian government forecast will top $188 million during the span of April 2017 to March 2018, Tetra Bio-Pharma Inc. (TSX-V:TBP)(OTCQB:TBPMF) said on Wednesday that it is starting to promote a new blend of dried medical cannabis product branded Rx Princeps.
Through its subsidiary PhytoPain Pharma, Tetra recently completed a phase 1 clinical trial evaluating the smokeable marijuana, known as PPP001 for the trial, to help late-stage cancer patients with pain.
The drug, comprised of three cannabis strains standaradized for consistency, met expectations in the trial with regard to safety data and a pharmacokinetic profile that reached the targeted plasma levels of tetrahydrocannabinol (THC).
The company is now jumping to a late-stage trial of PPP001 in collaboration with a leading medical cannabis clinic in Quebec. Rx Princeps™is composed of the same medical cannabis blend used to produce PPP001.
Tetra has signed a distribution deal with major cannabis producer Aphria (TSX:APH) to sell Rx Princeps. Production is underway with the product expected to be available in the coming weeks to the more than 200,000 patients registered under Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR), inclusive of the 19% of adults suffering from chronic pain.
Toronto-listed shares of TBP jumped ahead at the start of trading today to hit an intraday high of 75 cents, but have since fallen back to 70 cents, right where they closed on Tuesday. Shares of Aphria started into a tailspin yesterday on news of an $80 million offering and has slipped lower in Wednesday trading by 2.2% to $6.71.
