On April 29, 2022 Avecho (ASX:AVE) reported its Quarterly Activities Report and 4C Quarterly Cash Flow Report, for the period ended 31 March 2022 (Press release, Phosphagenics, APR 29, 2022, View Source [SID1234613211]).

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Key highlights from this period include:

Completion of Phase II Clinical Trial examining its proprietary topical cannabidiol (CBD) gel for the management of pain associated with arthritis of the hand;
First licensing and supply agreement for the use of TPM in the US recreational cannabis space;
TGA feedback on Phase III CBD soft-gel program and completion of initial Phase III Clinical Trial design;
Avecho’s cash balance on 31 March was $3.265m.

Throughout the Quarter, the Company has remained heavily focused on advancing its CBD soft-gel product, whilst also pursuing large, untapped licensing opportunities in the US cannabis space.

Avecho CEO, Dr Paul Gavin, said:

"The data we have generated across our expanded cannabinoid program is beginning to pay dividends. Our deep biotechnology expertise and experience in non-cannabinoid drug development is seen as a major differentiator to medicinal cannabis companies for potential licensees. We are focused on expanding our business development activities with the aim of closing further deals in the various cannabinoid markets"