Biopharmaceutical company Receptor Holdings Inc on Monday announced the completion of its USD29m under a combined convertible debt and Series A round of financing.

Following the closing of the Series A round, the company will now initiate IND-enabling studies in the US as well as formalise collaborations in Canada and Europe.

According to the company, its Receptor controls patented and disruptive oral and inhaled drug delivery technologies are validated for use in the US FDA-approved products in the non-prescription cannabinoid markets developing in Canada, Europe and elsewhere.

In initial studies, the company's oral dosage formulations facilitated rapid drug absorption from the GI tract with higher bioavailability than has been reported for existing oral cannabinoid products. Its inhalation technology combines a simple-to-use, breath-powered inhaler with dry powder cannabinoid formulations that provides ultra-rapid, precise and discreet delivery of cannabinoid medicines to the deep lung.