On December 20, 2021 Avecho Biotechnology Limited (ASX:AVE) has reported it has entered into a licensing and supply agreement with Medterra Pharma – one of the most successful CBD companies in the United States – to develop and commercialise Avecho’s soft-gel CBD capsule for the treatment of arthritis (Press release, Phosphagenics, DEC 20, 2021, View Source [SID1234597431]).

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Arthritis represents a promising opportunity for development, with the osteoarthritis therapeutics market projected to reach US$11 billion by 2025. Medterra scientists have already demonstrated the therapeutic potential of CBD for arthritis in preclinical models, and a six-week human study using the soft-gel for pain reduction in patients with osteoarthritis of the knee is scheduled for early next year.

This partnership is a strategic move for our Company. We know that our product has wide-ranging potential for a number of indications, and our ambition is to secure FDA approval for our proprietary CBD soft-gel product. By working in partnership with a reputable, well-resourced partner, this allows us to pursue regulatory approval in the US in parallel to our current efforts to register our product for sleep indications with the TGA in Australia.