Australian animal therapeutics company CannPal (ASX:CP1) has been granted an exclusive global licence to use technology developed by Australia’s national science research agency for its hemp formulations.
MicroMAX microencapsulation technology platform patented by CSIRO is designed to encapsulate microscopic droplets of oil in a food grade material, which protects bioactive components from oxidation and assists in the delivery to the gastrointestinal tract.
It was originally developed for applications such as protecting fish oil and a company in Australia has been using it for fifteen years in the manufacturing of powdered ingredients for other local and international food and infant formula companies
CannPal had been evaluating MicroMAX for approximately 18 months with CSIRO, using compounds from the hemp plant – and it has been determined to be suitable for use in applications for companion animals.
“It’s a highly effective technology with unmatched stability and protection capabilities, enabling us to deliver hemp and cannabis compounds to pets in a new and innovative way,” said CannPal Managing Director, Layton Mills.
(Ed. note: hemp is cannabis, but anyway).
Mr. Mills also noted it was exciting to see significant anti-inflammatory activity in the hemp-derived formulation used during the evaluation of MicroMAX.
The licence granted by CSIRO gives CannPal exclusive global rights to apply MicroMAX technology to proprietary hemp and other oil formulations for the development and commercialisation of novel animal health products.
CannPal states it will kick off a small-scale commercial trial of a product combining MicroMAX with an anti-inflammatory formulation among a select consumer group in the first quarter of this year.
Currently CannPal is focused on the development of pharmaceutical and nutraceutical products for dogs. There’s certainly plenty of demand for such products in both in Australia and overseas, as pets are playing a more important role in households – and with that, there’s an increased focus on their health and well-being. The company is aiming to provide veterinarians with clinically validated and standardised therapeutics for the treatment of animals in a safe and ethical way.
The market reacted favourably to CannPal’s news, with shares closing at 18c yesterday, up 50% on Friday’s close.