MGC has goal posts firmly in sight
Following the sale of its cannabis-based cosmetics business, MGC Derma, earlier this year, ASX-listed MGC Pharmaceuticals is making strides to commercialise its bio-pharma business.
Research partner the Royal Melbourne Institute of Technology, or “RMIT”, has received approval from the Australian Office of Drug Control to possess and handle phytocannabinoids for research purposes.
Phytocannabinoids are derived from medical cannabis plants.
The approval allows RMIT and the company to advance research into the fields of cancer treatment, nanotechnology-based drug delivery and combine traditional medicine with cannabinoid therapy.
Current research projects in cancer treatment include the antiangiogenic and anti-cancer efficacy of CB2 cannabinoid and cannabinoid-induced entry of cytotoxic compounds selectively into tumour cells.
RMIT is also studying the use of nanoparticles to carry cannabinoids into inflamed tissue and it is researching the benefits of combining medical cannabis with traditional medicine practices.
MGC has also started recruiting patients aged 65 and over for the Phase IIB clinical trial for its CogniCann medical cannabis product for the treatment of dementia and Alzheimer’s disease.
The 16-week trial at the University of Notre Dame in WA will be carried out on 50 patients to assess the effects of the treatment on the symptoms of mild dementia and Alzheimer’s and potentially improve the patient’s quality of life.
Separately, the company’s seed-to-pharmacy manufacturing division has been awarded a European Union licence to produce non-sterile “Schedule 2 (II)” medicines in that jurisdiction.
The licence, one of the few that has been awarded to date, was issued to the company’s Slovenian facility, which has a carbon dioxide super-critical extraction and separation unit that isolates cannabinoids into purified compounds.
MGC also expects to start construction of its Malta production facility soon.
The company has successfully increased the area of granted land from 4000 square metres to 6000 metres. This area will be used for a multi-story facility for the cultivation and manufacture of medical cannabis.
A geological survey over the land has been completed and the architectural plans submitted to the relevant authorities for approval.
Managing Director Roby Zomer said: “Receiving the necessary approvals from the Office of Drug Control in Australia to possess and handle phytocannabinoids for research purposes is integral to the work being undertaken by our R&D division as they continue the rapid development of treatments focusing on the neurological, oncological, dermatological and gastroenterological sectors.”
“Having secured an EU licence to produce non-sterile Schedule 2 medicines, which includes all cannabinoids and the consolidation of our European activities in Malta, we are in a strong position to grow and develop our Seed-to-Pharmacy manufacturing division and make excellent progress in 2019.”
NB : This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine or drug.
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