Tetra Bio-Pharma Inc. (TSX:TBP) (OTCQB:TBPMF) (FRA:JAM1) launched new wholly owned subsidiary 'Tetra Bio-Pharma Australia Pty Ltd', an Australian-based research company focused on the execution of clinical trials in Australia. This represents Tetra's second foreign subsidiary and is in line with the company's global expansion strategy for QIXLEEF, and other future drug candidates.
The new subsidiary follows the recent announcement of Tetra's partnership with Cannvalate Pty Ltd for the performance of clinical trials of Tetra's drug candidates in Australia. Accordingly, TBP-AU will benefit from a 43.5% tax credit on all money spent on clinical trials in Australia.
"We look forward to working with our strategic partners and building value for our current and future investors. These are very exciting times for us as we continue to drive scientific excellence and deliver on the promise of cannabinoid-derived transformative medicines to improve patient health and quality of life," stated CEO Dr. Guy Chamberland.
Regulatory Update - REDUVO
The company has completed the annual licence review process for our Health Canada Drug Establishment Licence (DEL) and meets the regulatory requirements of C.01A.009 of the Food and Drug Regulations to maintain our DEL for the distribution of pharmaceuticals, like REDUVO, in Canada. Any company that intends to distribute pharmaceutical drugs in Canada must obtain a DEL as per Health Canada regulatory requirements.
On December 30, 2020, the company submitted its first new drug submission for REDUVO to Health Canada to obtain a drug identification number for the prescription drug. The company is in discussions with Health Canada to address final commentary on the submission. REDUVO remains a top priority and the company is ready to launch manufacturing activities as soon as possible following regulatory approval.
About REDUVO
REDUVO is a soft gel capsule used to treat chemotherapy-induced nausea and vomiting and weight loss and severe nausea in people living with HIV infection. The active pharmaceutical ingredient in REDUVO is dronabinol, also known as THC, a synthetic form of the active natural substance in cannabis.
Photo by CRYSTALWEED cannabis on Unsplash
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