MGC Pharmaceuticals has achieved yet another significant milestone with the bio-pharma company this week surpassing more than 1,800 prescribed products of its medicinal cannabis-based pharmaceutical products in Australia, UK, Brazil and Ireland.
Notably, the increase comes after the company recently broke into the European pharma-market after getting green-lighted from the Irish Government to sell its phytocannabinoid-derived “CannEpil” product to epilepsy sufferers.
In Brazil, key legalisation was recently passed relating to cannabis for medicinal use and MGC expects prescription numbers to begin to grow in this emerging market too.
The Perth listed company is at the forefront of growth in the burgeoning medicinal cannabis market with its proprietary CannEpil and MXP100 medicines rapidly gaining acceptance globally.
CannEpil is the company’s high cannabidiol and low tetrahydrocannabinol, phytocannabinoid-derived formulation, used in the treatment of drug-resistant epilepsy.
The MXP100 product is recommended for use in mild neurological disorders, inflammatory and hepatoma patients, with the latter being a cancer of the cells of the liver.
Both products are proprietary medicinal drugs developed internally through MGC’s research and development divisions.
MGC was recently awarded a $25,000 payment from the Innovation Connection Grant from the Australian Government to support its research.
In particular, the money is being used to support a clinical trial for its CogniCann product that is being run alongside the University of Notre Dame in Western Australia.
The trial is set to assess human patients’ symptoms that are associated with dementia and Alzheimer’s disease in a controlled, double-blind placebo trial.
Worldwide, every three seconds, someone is diagnosed with Dementia, according to Alzheimer’s Disease International – and according to the Australian Bureau of Statistics, dementia is the second leading cause of death in Australians.
Even the West Australian Government has been getting in on the action with Health Minister, Roger Cook, recently revealing that WA GP’s will be able to prescribe medicinal cannabis to a wide range of patients.
If MGC’s CogniCann® trial is successful in reducing or eliminating the devastating symptoms associated with Alzheimer’s and Dementia, the company will eek itself out a spot in the medical community usually reserved for big pharmas.
On the international front, the company is rapidly advancing its distribution efforts in a bid to lock down major markets with Managing Director and Co-founder, Roby Zomer saying: “First prescriptions in Ireland signify another milestone for MGC as we expand our product offering to new territories and thereby gain access to more potential customers.”
“We continue on an upward trajectory, as we’ve increased our prescription numbers by more than 25% is just a few weeks. I’m confident that in 2020 we’ll be able to deliver our phytocannabinoid derived medicines in even more jurisdictions as we continue to gain momentum.”
MGC has a “seed to pharmacy” strategy that closes the loop for its medicinal cannabis products right through the value chain from genetic development to packaged pharmaceutical, sale-ready products
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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