- Cannabinoid company, Botanix Pharmaceuticals has entered into a supply agreement with Purisys
- The agreement secures the supply of synthetic cannabidiol for Botanix’s expanding demand and future commercial supplies
- The agreement was signed as Botanix anticipates top line data from BTX 1503 Phase 2 study, which will be available this month
- Botanix is up 4.26 per cent on the market and is selling shares for 24¢ apiece
Botanix Pharmaceuticals has entered into a supply agreement with Purisys.
Purisys has one of the industry's longest track records and a wide range of offerings in the cannabinoid space. It currently produces all major cannabinoids relevant to pharmaceutical and consumer products.
Since 2016, Purisys has also manufactured pharmaceutical-grade cannabidiol at commercial scale utilising a patented process.
Botanix is a company based in Perth, Western Australia and Philadelphia, USA and is focused on the development of safe and effective topical treatments for serious skin diseases.
The serious skin disease it is focusing on includes acne, psoriasis and atopic dermatitis.
The supply agreement covers Botanix's requirements for immediate clinical and future commercial supplies of synthetic cannabidiol active pharmaceutical ingredient (API).
In the agreement, Botanix was able to secure better pricing for its synthetic cannabidiol API requirements. The company will be working alongside Purisys to continue to create increased value for both companies as API process and raw material savings are realised.
Given the significant planned volumes of API required by Botanix, this agreement sets the company’s future supply needs both for clinical as well as scale and commercial manufacturing purposes.
Purisys has committed to providing certain supply exclusively to Botanix for its existing pipeline products in skin disease following FDA approval.
In exchange, Botanix has committed to purchasing a proportion of its commercial supply requirements from Purisys following the launch of specified pipeline products.
In 2018, Botanix began its research into synthetic cannabidiol - with the aim to replicate perceived health benefits of cannabidiol creams.
Cannabidiol is one of the most popular applications in the hemp industry, especially anti-aging.
Botanix President Vince Ippolito is pleased to partner with Purisys, to secure its near term and future supply needs for synthetic cannabidiol in the marketplace.
"Our desire to lock in access and participate inefficiencies as we scale source of high-quality API, at a time when our clinical programs are accelerating and the demand for ultra -high purity cannabidiol is exploding, was an important driver to completing this agreement with Purisys at this time," Vince said.
Purisys CEO Jim Mish said that the company is proud to partner with Botanix to supply pharmaceutical-grade cannabidiol, as he believes that Botanix is leading the world in the development of pharmaceutically focused skincare products.
"As the market matures, I am confident that the quality, purity and scale Purisys offers will be essential in the development and supply of safe and effective products and the Botanix pipeline presents a significant commercial opportunity for both companies," Jim said.
Last week the company announced it will receive $50,000 grant from the Australian Federal Government, to go towards its research.
Recently, Botanix completed its BTX 1503 acne patient Phase 2 study and is on track to release top line data from that study, this month.
Botanix is up 4.26 per cent on the market and is selling shares for 24¢ apiece at 3:16 pm AEDT.