The California-based company Artelo Biosciences, Inc. (Nasdaq: ARTL) says it has developed a novel variation of cannabidiol (CBD) that has shown promising results in animal studies indicating that it may be a superior alternative to the standard widely-used cannabinoid.
The company presented findings on the ART12.11 cocrystal CBD composition on Sunday at the 33rd International Cannabinoid Research Society (ICRS) Symposium in Toronto, Ontario. Artelo says the patented CBD variation has shown superior bioavailability and efficacy for the treatment of anxiety, PTSD and depression in preclinical studies.
Artelo’s President and CEO Gregory D. Gorgas says the company believes the cannabinoid variation could potentially have a major role in the depression and anxiety market, worth an estimated US$11 billion.
Rodent studies on ART12.11 at the University of Western Ontario showed that the drug had strong anxiety-reducing and anti-depressive effects that significantly outperformed standard CBD.
“A multiple-dose pharmacokinetic animal study conducted at different research laboratories showed that this novel cocrystal form of CBD demonstrated improved pharmaceutical properties, including solubility and dissolution, and delivered higher plasma levels of CBD and its major metabolite compared to CBD alone,” said Saoirse O’Sullivan, Vice President of Translational Sciences at Artelo.
The Toronto symposium is currently ongoing until June 29, features over 75 oral presentations and focuses on providing a forum for cannabinoid researchers to meet and discuss their findings. The ICRS is composed of 40 countries and has over 650 members from around the globe.
In addition to depression, PTSD and anxiety, Artelo is actively involved in developing treatments for other conditions like anorexia, inflammation and cancer.
The company had US$15.5 million cash on hand at the end of Q1 this year and 2.85 million issued and outstanding common shares at the end of the quarter.
Artelo’s shares stayed flat Monday at US$1.95 on the Nasdaq Stock Exchange.