Sydney, Australia – 21 August 2024 | Bioxyne Limited (ASX: BXN) ("Bioxyne" or "the Company") is proud to announce that its 100% owned subsidiary, Breathe Life Sciences (BLS), has successfully manufactured and delivered Australia’s first pharmaceutical-grade cannabis pastilles ("Gummies" or "Edibles") under its Good Manufacturing Practice (GMP) certification from the Therapeutic Goods Administration (TGA). This milestone marks a significant advancement in the domestic production and availability of medicinal cannabis products in Australia.
Highlights:
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Manufacturing Milestone Success: Breathe Life Sciences has completed its first commercial production run of Australian-made cannabis pastilles, often called “gummies”, fulfilling a key milestone in the Australian cannabis industry. The production run was carried out under the Therapeutic Goods Administration's Good Manufacturing Practice (GMP) Licence.
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First Commercial Orders: In July 2024, BLS received deposits on purchase orders totaling approximately $2 million for cannabis gummies, containing both cannabidiol (CBD) and/or delta-9-tetrahydrocannabinol (THC). This marks the first commercial sale of Australian-made edible cannabis products.
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Signed Supply Agreement: BLS has also signed a two-year manufacturing and supply agreement with one of Australia’s largest cannabis companies, forecasted to generate a minimum of $28 million from the production of such edibles.
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Increased Manufacturing Capacity: To meet growing market demand for edible products, BLS is scaling up its gummy manufacturing capabilities from 2 million single doses per month to 6 million per month.
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Strategic Positioning: Bioxyne continues to strategically position itself as a leading supplier of alternative pharmaceutical goods, including cannabis products, psilocybin, and MDMA, for supply to authorised prescribers and clinical trials in both domestic and international markets.
Sam Watson, Founder & CEO of BLS and Managing Director of BXN, stated: “BLS is the first Australian manufacturer to complete a commercial production run of pharmaceutical grade GMP-certified THC gummies. As a leading Australian cannabis manufacturer, we are supplying our pharmaceutical goods to both domestic and international markets, using established relationships and existing supply channels.”
Market Growth Potential: The market for prescription cannabis edibles in Australia is expected to grow significantly in the near future, from approximately 1% of the ~$500 million per year Australian medical cannabis market in 2023 to more than 20% by 2030, which represents a potential $150 million per year opportunity.
Jason Stephens, General Manager of BLS Australia, added: “This is a significant milestone for Australian pharmaceutical manufacturing and the medical cannabis industry as a whole. Australia is fast becoming a global medical cannabis hub and BLS is quickly becoming a substantial proponent of that. Our focus is building strong ties with our business customers and providing high-quality GMP-certified manufacturing services.”
For further information, please contact:
Sam Watson
Managing Director
Bioxyne Limited
[email protected]
Jason Hine
Chief Operating Officer
Bioxyne Limited
[email protected]
About us:
About Bioxyne Limited:
Bioxyne Limited (ASX:BXN) is an Australian life sciences and health products business. In June 2023 Bioxyne acquired BLS in an all shares transaction becoming the parent company of Breathe Life Sciences (“BLS”) and DR Watson®. The Group, which is headquartered in Sydney and has offices in London, Manchester, Prague, Brisbane, and Nagoya, manufactures and distributes novel pharmaceuticals and consumer health products globally.
About Breathe Life Sciences:
Bioxyne Limited’s wholly owned subsidiary, Breathe Life Sciences (BLS), manufactures, commercializes, and distributes medical cannabis, psychedelics, novel foods and consumer health products under our own brands and for third party brands. BLS’ goal is to become the market leading Australian manufacturer of novel pharmaceuticals and medicine products derived from Cannabis, Psilocybe Cubensis, and MDMA. In Australia, BLS is licensed to manufacture MDMA and Psilocybin products for commercial supply to authorised prescribers and clinical trials in Australia and global export markets. In the UK and Europe BLS is a market leader in the supply of CBD (Cannabidiol) and functional mushroom products to national retailers and Amazon. BLS manufactures private, white label, and under its own brands in its UK and EU facilities.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]