Less than one week after its stunning debut on the ASX PhytoTech Medical Limited
(ASX:PYL) has unveiled a collaboration deal.
The first medical marijuana company to list on the ASX will team up with Yissum Research Development Company Limited of the Hebrew University of Jerusalem Limited.
The exclusive licensing and collaboration agreement will target the development, manufacturing and marketing of a novel delivery system for medical cannabis.
Yissum says cannabis based medications are currently in clinical use worldwide and PhytoTech will develop an improved, oral capsule formulation and transbuccal delivery system.
The system is expected to consist of a flexible, muco-adhesive patch that will release the active ingredients of cannabis in a controlled manner.
Shares in PhytoTech Medical shed 19 per cent to close at $0.63 following the announcement but have gained almost 97 per cent in the three trading days since listing.
