UniQuest, the University of Queensland’s commercialisation company, has announced it has entered into a license agreement with PreveCeutical Medical Inc. (“PreveCeutical”) (CSE: PREV, OTCQB: PRVCF, FSE: 18H), granting rights to its Sol-Gel technology solely for the delivery of cannabinoids.
Canadian health and wellness company PreveCeutical plans to ultimately deliver cannabinoids to patients using the Sol-Gel technology developed at the University of Queensland’s (UQ) School of Pharmacy by Dr Harendra Parekh and his team.
The Sol-Gel technology is a liquid solution at room temperature that converts to a gel upon contact with the human body due to the increase in temperature.
The licence agreement provides PreveCeutical with the right to use the technology to specifically deliver cannabinoids to all regions and membranes of the human body, including intranasally.
The deal executed by UniQuest includes a licence to IP rights covered by a patent application.
Chairman and CEO Stephen Van Deventer said PreveCeutical was developing an intranasal spray as its lead product and would look at other product formats to deliver cannabinoids using UQ’s Sol-Gel technology, including via the skin.
“This is a very exciting time for PreveCeutical,” Mr Van Deventer said.
“We have been developing the cannabinoid Sol-Gel delivery system with UQ through UniQuest since 2017, with a focus on nasal delivery.
“Having this licence agreement in place, we can now work with partners to commercialise products for the cannabinoid Sol-Gel formulation products in the form of a nasal spray.
“Through the strength of our working relationship with UniQuest, we are delighted to finalise the terms of the licence allowing PreveCeutical to use the cannabinoid Sol-Gel formulation technology to develop other product formats, such as the transdermal delivery of cannabinoids.”
UniQuest CEO Dr Dean Moss said the deal was a result of the long-term and ongoing relationship between UniQuest and PreveCeutical and built on PreveCeutical’s early commitment to develop the UQ Sol-Gel technology for the nasal delivery of cannabinoids.
“This deal is a great testament to the strength and willingness of UQ researchers to engage with industry and work together to create impact through the development of potential new treatments,” Dr Moss said.
