Ottawa-based cannabinoid pharmaceutical Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1) has launched a new research-focused subsidiary in Australia.
On Monday, the developer announced the debut of its new subsidiary Tetra Bio-Pharma Australia Pty Ltd (TBP-AU) which will focus on clinical trials in the country.
TBP-AU will be the second foreign subsidiary that Tetra has created following its recent decision to enter into a partnership with Cannvalate Pty Ltd to help facilitate clinical trials in Australia more efficiently. This new Australian company will be reaping the rewards of having a 43.5 per cent tax credit on all finances invested in those trials nationally.
The company has also expressed enthusiasm by announcing that it has successfully finished its annual review process with Health Canada to retain its Drug Establishment License (DEL). Tetra satisfied the regulatory requirements needed to maintain its license and distribute medications like REDUVO.
The Ontario-based company is engaged in a clinical trials program approved by Health Canada and the Food and Drug Administration (FDA).
On Dec. 30, 2020, Tetra applied to Health Canada with an initial New Drug Submission (NDS) for REDUVO, a soft gel orally administered THC pill treatment used to alleviate the nasty side effects of chemotherapy and the symptoms associated with HIV infection.
Two years later, Tetra is still in discussions with Health Canada attempting to address concluding commentary on their submission. The company has expressed that REDUVO is an imperative priority and desires to launch production immediately following regulatory approval.
“We look forward to working with our strategic partners and building value for our current and future investors. These are very exciting times for us as we continue to drive scientific excellence and deliver on the promise of cannabinoid-derived transformative medicines to improve patient health and quality of life,” said CEO, Guy Chamberland.