Medical marijuana hopeful MGC Pharma has teamed up with Epilepsy Action Australia as they move closer to commencing medical cannabis clinical trials in Australia and Europe.
The company said on Thursday it had signed a collaboration agreement with Australia’s leading Epilepsy association on future joint clinical trials that would investigate the use of medicinal cannabis for the treatment of severe epilepsy.
The trials will focus on how to use medical cannabis as a potential treatment for severe epilepsy in children and they mark the start of MGC Pharma’s move into the medical sector having experienced some success with their unique cannabis based skin care line.
“The signing of a COA with Epilepsy Action Australia further enhances our expertise and deepens our networks relating to epilepsy,” MGC co-founder Nativ Segev told the ASX.
The announcement is another step forward for MGC, which did a backdoor listing on the ASX in February with a reverse takeover of Erin Resources. It also further paves the way for the company to commence clinical trials of its medical cannabis in Australia and Europe.
MGC is a medical cannabis company with two distinct business streams.
It has a traditional medical research program into how cannabis can assist people suffering from certain health problems and it also has a range of skincare products based on the unique properties of Cannabidiol, a product derived from cannabis.
The skincare range, which last week moved to the next stage of testing, is slated for full commercial launch in 2017 and represents a push by the company into the multi-billion dollar cosmetic industry.
The company’s skin care line will set it apart from most other medical marijuana companies in so much as it will provide an income for the business, allowing it to then focus its attention on medical research without having to constantly return to the market for more capital.
Earlier this month, the former junior miner agreed to offload two African-based exploration permits and related data for $500,000 in cash as it ramps up its shift from gold exploration into medical cannabis.
It has previously said its new medical cannabis based strategy is fully funded after a $7.5 million capital raising in the first half of 2016.
The company’s lab and growing facility are in Slovenia, and it expects to harvest its first full-scale cannabis crop next year.
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