- Bod Australia has announced it will participate in Europe’s largest medicinal hemp project, Project Twenty21
- A total of 20,000 patients will be enrolled to test the effects of hemp when used on patients with a range of chronic conditions
- This project will kickstart Bod’s entry into the U.K. medicinal hemp market
- Bod’s share price is up just over three per cent today with shares trading for 34 cents apiece
Medicinal hemp company Bod Australia will be participating in Europe’s largest medicinal hemp project, Project Twenty21.
Project Twenty21 will study the effects of hemp when used on patients with chronic conditions.
The project is a U.K. based study which will enrol 20,000 patients by the end of 2021 to create the largest body of evidence for the efficacy of medicinal hemp.
The aim is to utilise collected data to convince policymakers that medicinal hemp should be more readily available and affordable for patients in the U.K.
Furthermore, the project aims to assist prescribers operating in the region and advance the potential for NHS (National Health Service) funding.
The project will follow 20,000 patients with a range of conditions, including chronic pain, epilepsy, multiple sclerosis, PTSD, Tourette’s Syndrome and anxiety disorders.
Bod is one of five companies who is invited to participate in Project Twenty21, where the company is aiming to treat a minimum of 1000 patients with its MediCabilis CBD product.
The global health and wellness business will receive a cost per prescription for each MediCabilis unit sold with the ability to introduce additional products for patients undertaking the study.
The study will build brand awareness for MediCabilis, credibility and enhanced research data, and grow relationships across the U.K.
“Our participation in Project Twenty21 validates Bod’s position as one of Australia’s leading medicinal cannabis companies,” Bod CEO Jo Patterson said.
“The study provides us with a seamless market entry into the United Kingdom and the opportunity to solidify a footprint ahead of legislative and regulatory changes,” she added.
Bod is well-positioned as MediCabilis has already been used to effectively treat a large number of Australian patients suffering from a range of symptoms.
Domestically, prescription volumes for MediCabilis remain steady. Throughout October, Bod dispensed 555 MediCabilis prescriptions, taking the total to 1713 prescriptions for 2019.
Bod expects prescription volumes to increase in the coming months as more clinics across Australia open and begin to prescribe MediCabilis.
“While prescription volumes remained steady as a domestic level, it was encouraging to witness an ongoing increase in repeat prescriptions and MediCabilis being utilised to treat 17 different conditions,” Jo said.
“We are confident that volumes will increase during November, as more clinics come to market,” she added.
Bod’s share price is up a slight 3.03 per cent today with shares trading for 34 cents apiece at 12:52 pm AEDT.