pharmaceuticals Archives - Green Market Report

Adam JacksonAugust 2, 2022
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5min6400

Zelira Therapeutics Ltd (ASX: ZLD,OTC-QB: ZLDAF), recieved formal approval from German regulatory authority BfArM to launch in the German medical cannabis market for its new insomnia medication Zenivol.

Zenivol is the first clinically validated, pharmaceutical-grade, cannabis-based sleep medication. Zenivol’s clinical research achieved the highest level of scientific review when it was peer reviewed in the Journal of Sleep — available by prescription in Australia under the country’s legal cannabis regulations.

“The formal approval of Zenivol by BfArM in Germany marks a major milestone for Zelira,” said Zelira CEO Dr. Oludare Odumosu. “Germany is one of the largest global markets for cannabinoid-based medicines, and also one of the highest quality global regulatory markets for pharmaceuticals. We look forward to working with our partner, Adjupharm, in launching Zenivol in Germany and supporting patients and physicians in treating chronic insomnia in a safe and effective manner. With formal regulatory approval for Zenivol now received in Germany, we continue to progress activities to license Zenivol into other global markets.”

Zelira is a leading global therapeutic medical cannabinoid company with access to the world’s largest and fastest-growing cannabinoid medicine markets. The company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets.

The company is focused on developing branded cannabinoid-based medicines for the treatment of a variety of medical conditions in its Rx business, including insomnia, autism and chronic non-cancer pain.

The company has two proprietary formulations under the HOPE brand that are generating revenues in Australia, and Pennsylvania and have been licensed in Louisiana and Washington D.C. — with other states in the U.S. expected to follow. Zelira is also generating revenue in Australia from its proprietary and patented Zenivol, which had successfully completed the world’s first Phase 1b clinical trial for chronic insomnia where it was found to be a safe and effective treatment.

The company conducts its work in partnership with world-leading researchers and organizations including Curtin University in PerthWestern Australia; the Telethon Kids Institute in Perth; the University of Western Australia, in Perth; St. Vincent’s Hospital in Melbourne, Australia; and the Children’s Hospital of Philadelphia (CHOP) in the United States.


Adam JacksonJuly 29, 2022
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AbbVie’s (NYSE:ABBV) stock slid 3% in early trading Friday despite posting positive second-quarter results — with news of an opioid settlement upward of $2 billion biting the biopharmaceutical giant this week. The company announced its financial results for the second quarter ending June 30, 2022.

AbbVie posted $924 million in net earnings, with diluted EPS at 51 cents per share on a GAAP basis. Adjusted diluted EPS was $3.37.

The company also posted $14.6 billion in global net revenues, an increase of 4.5% on a reported basis from the same quarter last year, or 6.1% on an operational basis. AbbVie also said it continues to expect adjusted diluted earnings between $13.78 and $13.98 per share for the full fiscal year.

“We delivered another strong quarter with substantial progress for our new products and indications,” said AbbVie CEO Richard A. Gonzalez. “The momentum of our business, combined with advances across our pipeline continue to support AbbVie’s promising long-term outlook.”

AbbVie Inc. researches and develops biopharmaceutical products. The company owns 59 medical marijuana patents and created the cannabis-based Marinol before selling the rights to Alken Labs for $10 million in 2019. Since then, AbbVie has shifted its focus toward technology and hardware, inking a deal in last year to acquire its Allergan Aesthetics division, which deals with botox.

AbbVie’s Allergan division this week agreed to pay more than $2 billion to resolve its opioid liability with state and local governments, Bloomberg reported on Wednesday — a day after Teva Pharmaceutical Industries (TEVA) agreed to pay $4.4 billion to settle its opioid lawsuits. The agreement is part of consolidated litigation in a Cleveland federal court that has produced several other national settlements, implicating other pharmaceutical giants such as Johnson & Johnson.

In its second-quarter earnings release, AbbVie reported spending $2.2 billion on “litigation matters”, which it said “primarily includes a charge related to a potential settlement of litigation involving Allergan’s past sales of opioid products.”


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