PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) (FSE:18H) told investors it had retained Massachusetts-based Veristat, a global clinical research organization (CRO), to help it prepare for clinical trials of its Sol-Gel coronavirus (COVID-19) program.
As reported in May this year, the health sciences group set out to extend its cannabis sol-gel nasal program to potentially act as a viral prevention to address the pandemic.
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Vancouver-based Preveceutical has been developing the technology since 2017 and spent C$750,000 on research, not including management and employee overheads.
It works by infusing cannabis extracts into water-based sol-gels, which are delivered to patients using a nasal spray applicator.
"Since the beginning of the pandemic, PreveCeutical has mobilized its scientific understanding to investigate the development of treatments that could potentially reduce the transmission of COVID-19," said Stephen Van Deventer, PreveCeutical's CEO, in a statement on Tuesday.
"We are very pleased with the progress of our COVID-19 Sol-Gel program and are committed to rapidly developing the clinical trial process. To support our efforts, we selected Veristat because of its extensive infectious disease experience and the substantial number of COVID-19 related clinical trials."
Veristat will help design and develop the firm's coronavirus sol-gel clinical program and write the required protocol.
Preveceutical added that it was looking for an expedited pathway such as fast track or COVID-19 treatment acceleration program (CTAP).
It also noted it was not making "any express or implied claims" that its product can eliminate, cure or contain COVID-19 at this time.
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