iX Biopharma to commence supply of Xativa to Brazil

IX BIOPHARMA has obtained export listing status for its Xativa brand of freeze-dried sublingual medicinal cannabis wafers, announced the pharmaceutical company on Monday morning.

The group said it now intends to leverage the export listing approval to commence supply of Xativa to Brazil, where it is collaborating with its partners to distribute and market the wafers to doctors and patients.

With iX Biopharma's inclusion in the Australian Register of Therapeutic Goods (ARTG) list of drugs approved for export, the group said its export listing on the ARTG demonstrates that Xativa is "compliant with strict standards that apply to products supplied domestically in Australia".

The group said it is also pursuing partnerships with other cannabis and pharmaceutical companies, as well as wholesale and retail distributors in other markets aside from Brazil.

It currently supplies Xativa to patients with medical prescriptions in Australia via the Special Access Scheme and Authorised Prescriber Scheme.

Eva Tan, chief commercial officer of iX Biopharma, highlighted the export listing for Xativa as a significant milestone as it brings the group closer to realising its ambition of becoming a medicinal cannabis supplier to global markets.

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"This positive development follows the timely expansion of our wafer production capacity, which will support our entry into the Brazil and other international markets. We expect to benefit from the sustained and dynamic growth in Brazil and are confident that this move will position us competitively to expand our footprint in markets beyond Australia," she said.

A growing understanding of cannabis' unique medicinal properties has driven the transformation of attitudes towards the drug, said the group. It noted that key markets such as the US, Australia, Canada, Europe and New Zealand have "rapidly announced" their legalisation of cannabis over the past four years.

Citing data from Statista, the group believes the market value for medicinal cannabis is forecasted to surge from US$41.5 million in 2021 to approximately US$103.5 million by 2024.

Shares of iX Biopharma ended Monday one Singapore cent or 4.26 per cent higher at 24.5 cents, after the announcement.