CannPal Animal Therapeutics director shows faith in company through on-market purchase

CannPal Animal Therapeutics Ltd (ASX:CP1) director Rob Clifford has demonstrated his confidence in the company’s unique strategy of developing cannabis-derived medications for animals by acquiring shares on-market.

Clifford, a non-executive director, this week purchased 50,000 shares for an indirect interest.

Through this interest, he now holds more than 480,000 shares, which at an intra-day high of 14 cents today was valued in excess of $67,200.

READ: CannPal Animal Therapeutics concludes successful phase 1B cannabinoid study in dogs

Last month CannPal completed dosing for the phase 1B study of its lead drug candidate CPAT-01, which is being developed as a pain and inflammatory control for dogs.

More than 48 Beagles and Foxhounds were recruited for the study across various weights and ages with no adverse events reported in dogs across all treatment groups.

Gene expression studies so far have revealed clear cannabinoid impact in important pain and inflammatory pathways supporting the proposed pain and inflammatory control claims for CPAT-01.

READ: CannPal Animal Therapeutics director acquires further shares on-market

CannPal is now working with a Melbourne-based integrated medical laboratory to identify the drug’s effects on key chemokine and cytokines associated with the activated pain and inflammatory genes highlighted in the phase I studies.

The results of this in conjunction with the gene expression data will support the dose justification for CPAT-01 before commencing the clinical program.

Phase II study planned

CannPal has generated significant data on the pharmacokinetic and gene expression profiles of cannabinoids in dogs.

This will be used to begin protocol development for the first phase II study, a pilot dose determination study in client-owned animals with OA to clinically validate the effects seen in phase I studies.

The company aims to begin recruitment for this study during the current quarter.

Testing in cats

CannPal has also received ethics approvals to commence the testing of CPAT-01 in cats.

As cats represent over 25% of the companion animal drug market, there’s a clear unmet need for safe therapeutics that can be used long-term to treat pain and inflammation.

Story by ProactiveInvestors