MGC to receive first batch of cannabis dementia drug
ASX listed medical marijuana player, MGC Pharmaceuticals, will receive the first bulk shipment of its “CogniCann” product that will see the start of its phase IIb clinical trials to treat dementia and Alzheimer’s patients kick off. The trial will be run on 50 patients aged 50 and over in collaboration with West Australia’s University of Notre Dame.
CogniCann is a GMP certified, pharmaceutical grade, medicinal cannabis product with a specific ratio of tetrahydrocannabinol and cannabidiol that is designed for the treatment of key dementia symptoms with a view to improving specific cognitive functions.
MGC Pharmaceuticals Managing Director Roby Zomer said: “CogniCann® has the potential to seriously alleviate the symptoms of patients living with Alzheimer’s disease and dementia. MGC Pharma is well- positioned in this growing market as we continue to establish a diversified business, with operations spanning the entire value chain.”
CogniCann is just one GMP-certified pharmaceutical product that MGC makes within its European production and manufacturing facility as part of its “seed-to-pharma” business model.
In 2018, the company received a manufacturing license for its cutting edge manufacturing facility in Slovenia to commence producing cannabis-based medicinal products.
Since then it has established non-exclusive distribution agreements with Health House and Cannvalate, significantly improving the availability of its medical cannabis products under the Special Access Scheme via an expanded network of clinics and pharmacies.
MGC has permission from Australia’s Therapeutic Goods Administration to import its medicinal cannabis-based products for supply in either a clinical trial or under the Special Access Scheme.
The Special Access Scheme allows health practitioners to access therapeutic goods that are not on the Australian Register of Therapeutic Goods for their patients under exceptional clinical circumstances.
Health House wholesales and distributes medicinal cannabis products in Australia and the UK to community and hospital pharmacies whilst Cannvalate is Australia’s largest network of cannabis prescribers and dispensaries.
The Australian Government has recently stepped up support of medical marijuana with a recent payment of $25,000 from the Innovation Connections Grant.
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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MGC Pharmaceuticals (MXC)
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