It has struck a partnership with Sphaera Pharma to develop a new analog of the drug QBM-001 - the license for which it acquired from the firm ASDERA in April this year.
"The goal of our collaboration with Sphaera Pharma is to put the patient first, especially since QBM-001 targets a rare subset of toddlers that become non- or minimally verbal for the rest of their lives," said Denis Corin, chief executive of Q BioMed.
There are around 20,000 new cases of pediatric developmental nonverbal disorder in the USA each year and a similar amount in Europe.
Individually, the economic costs for toddlers that become non- or minimally verbal is US$10mln on average per person over their life.
Sphaera Pharma will use its patented platform to produce a novel analog that aims to reduce or eliminate potential side effects and can reduce the amount of product a toddler needs to take daily.
Preclinical testing is already underway, highlighted Q BioMed and a final product is scheduled to be ready by the middle of October.
This will put Q BioMed on a path to file an IND (investigational new drug) towards the end of 2017 or the beginning of 2018.
"Sphaera Pharma's platform has had great success by providing improved safety and efficacy profile for drugs being developed by biopharma companies," said Dr. Sundeep Dugar, chief executive of Sphaera Pharma.
"Being able to employ our technology to ensure a safer product that could allow these toddlers to speak is inspiring to our whole team."