Medipharm Labs Corp (OTCMKTS:MEDIF) stock is witnessing a range bound trading in early session on Monday after the news.
Market Action
As of 10:55, MEDIF stock gained 0.50% to $0.3878 with more than 46K shares, compared to its average volume of 381K shares. The stock has moved within a range of $0.3800 – 0.3990 after opening the trade at $0.3990.
Major Trigger:
MediPharm Labs Enters Research Agreement with McMaster University to Develop Drugs Containing Cannabis Candidates
Key Highlights:
- MEDIF announced it has entered into a research partnership Master Agreement (the “Agreement”) with McMaster University. The Agreement is a key step that enables MediPharm Labs to work with McMaster University’s large and diversified roster of clinicians leading the way in cannabis research and drug development.
- Under the terms of the Agreement, MediPharm Labs will enter into a separate Statement of Work with each clinician group. MediPharm Labs will use its Cannabis Drug Licence to provide access to clinical trial material that meets pharmaceutical quality standards and Good Manufacturing Practice (GMP), as well as investigative protocol and regulatory approval support.
- MediPharm Labs and McMaster University researchers have proposed three distinct clinical trials, each led by separate clinician groups looking to develop novel cannabis-based drugs to treat different indications including pain, insomnia associated with major depression, and uremic pruritus.
Key Quote:
“As a pharmaceutical company specialized in cannabis, MediPharm Labs is excited to participate in the development of drugs containing cannabis. This will further our initiative to fulfill the global need for pharmaceutically approved drugs containing cannabis. We are honoured to partner with McMaster University, a global leader in medical cannabis research.” said Keith Strachan, President and Interim CEO, MediPharm Labs.
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