The shares of Anebulo Pharmaceuticals, Inc. (NASDAQ: ANEB) showed a notable increase during Monday's extended trading session. After closing at $2.20 earlier in the regular session, ANEB's shares suffered a 5.17% decline before seeing a 7.73% climb on the US stock charts in after-market trading to conclude at $2.37. Looking into previous events that could have impacted market sentiment was important because, at the time of this transition, there was no notable news.
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Significant Grant Award to Anebulo
Handling Acute Cannabis Exposure in Children
Significant Grant Award to Anebulo
Anebulo Pharmaceuticals has been awarded the first installment of a two-year, approximately $1.9 million collaboration grant by the National Institute on Drug Abuse (NIDA). In order to aid in the development of intravenous selonabant as a potentially life-saving treatment for acute cannabis-induced toxicities, such as pediatric central nervous system (CNS) depression, the National Institutes of Health (NIH) is funding this initiative.
The grant is divided into two parts: a $0.9 million initial award and a potential $1 million follow-up financing based on reaching certain targets. The fact that this funding is available emphasizes how critical it is to find an immediate remedy for cannabis poisoning.
Handling Acute Cannabis Exposure in Children
Acute cannabis exposure in children can result in coma, respiratory depression, central nervous system depression, and, in extreme cases, death. Studies show that children's developing endocannabinoid systems—which have a larger concentration of primary cannabinoid receptor type 1 (CB1) receptors in their brains—make them more vulnerable to the harmful effects of cannabis.
As a result, using cannabis while a child is younger frequently has worse consequences than when an adult does, increasing the likelihood of hospitalization and admission to critical care. Anebulo's accomplishments, particularly the Phase 2 proof-of-concept trial of oral selonabant, are recognized by the NIDA funding. The progress of the intravenous formulation into clinical testing will be facilitated by this funding.
If approved, selonabant has the potential to offer a critical targeted therapy for rapidly reversing the severe and life-threatening effects of accidental cannabis ingestion in children. This grant aligns with Anebulo's recent strategic decision to prioritize the development of the intravenous formulation, and the company will collaborate closely with NIDA scientific staff on this significant program.