The company has entered a research agreement with the national science agency under its Kick-Start initiative for eligible Australian small to medium enterprises (SMEs).
CannPal will receive dollar-matched funding to contribute towards an eligible collaborative research project with CSIRO researchers.
Founder and managing director Layton Mills said: “We are very pleased to have received this funding voucher as part of our research agreement with the CSIRO.
“Our vision is to be a global leader in cannabinoid-derived therapeutics.
“Through this research agreement, we’re confident that we can develop added value that can significantly advance the development of our therapeutic platform.”
CannPal is developing a range of cannabis-based therapeutic products targeting companion animals.
Focus on DermaCann
Its focus is on DermaCann, a nutraceutical targeting canine skin health, and CPAT-01 in development as a veterinary medicine for pain in dogs.
Under the new initiative, CSIRO and CannPal will undertake initial research into formulation work.
CannPal intends to further develop new and existing delivery systems to create proprietary
formulations of the company’s therapeutic products.
The company’s management believes this work could provide a significant competitive advantage.
A Kick-Start for businesses
CSIRO Kick-Start was launched in April 2017 and provides innovative Australian start-ups and SMEs with funding support and access to CSIRO’s research expertise and facilities.
The program offers eligible businesses access to dollar-matched funding vouchers of $10,000-$50,000 to undertake the following research activities with CSIRO:
- Research into a new idea with commercial potential,
- Development of a novel or improved product or process, or
- The testing of a novel product or material developed by the business.
CannPal is researching and developing medicines derived from cannabinoids to provide
veterinarians with clinically validated and standardised therapeutics to treat animals in a safe and ethical way.
The company has identified a significant opportunity to benefit from the rapidly growing medical cannabis and health markets by developing innovative therapeutics derived from the cannabis plant.
It is working closely with regulatory authorities and veterinary research organisations conducting clinical trials to commercialise therapeutic products that meet regulatory approval and support the health and well-being of companion animals.