MGC to launch new cannabis skin treatment
ASX-listed MGC Pharmaceuticals is launching a unique cannabis-based psoriasis treatment for commercial sale in 2018, following successful clinical trials.
MGC said on Thursday that the marijuana-derived psoriasis product, CBD Herbal Repair Cream, would be launched from January after trials earlier this year in Slovenia showed the substance was an effective treatment of skincare complaints such as irritation and inflamed skin.
In the market update, the Perth-listed company said the cream, which uses proprietary cannabidiol or “CBD” compounds, could also be used to treat skin itchiness, flaking and severe dryness as well as acting as a soothing agent.
MGC said the dermatological cream, the first offering from MGC’s Derma Plus product line, would be available for commercial sale from January 2018, adding that it was in the late stages of finalising an exclusive distribution deal with a global cosmetics ecommerce platform.
MGC sees significant potential for the innovative psoriasis product given the global market for treating the condition, which affects millions worldwide, is currently worth around US$7.8 billion and forecast to reach $12 billion by 2024.
MGC Pharmaceuticals CEO Roby Zomer said: “The Derma Plus range is one of MGC Derma’s most exciting and innovative products that has been in development for nearly two years, so we are very proud to finally make it available for commercial sale from 1 January 2018.
“The Herbal Repair Cream has demonstrated strong results throughout the clinical test program which validates the benefits of medicinal cannabis-based skin care products, in particular ones which utilise our proprietary CBD compounds.”
MGC have two more marijuana based Derma Plus products for the treatment of acne and dermatitis also slated for release in 2018. They are “Herbal Balm” and “Herbal Replenish Cream”
MGC’s Derma Division is a 51:49 joint venture between MGC Pharmaceuticals and cosmetic manufacturer Dr. M. Burnstein Ltd.
Thursday’s announcement comes after the ASX Junior last month hit another milestone, revealing its breakthrough cannabis-based epilepsy treatment, CannEpil, would be available to Australian patients from the first quarter of next year.
MGC Pharmaceuticals (MXC)
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