MGC Pharmaceuticals Ltd (ASX: MXC), a leading cannabinoid bio-pharma company, is involved in delivering high-quality cannabinoids based pharmaceuticals products to markets of Australasia, Europe and North America.
The company announced today that the first shipments of its proprietary product for people suffering from epilepsy, CannEpilâ¢ has arrived in the UK. CannEpilâ¢ is an oral oil solution that is used in cases of Drug Resistant Epilepsy. The solution helps to soothe symptoms such as seizures resulting from epilepsy.
The product could now be immediately distributed to pharmacies or directly to medical patients. Doctors are now prescribing cannabis-derived products to treat drug resistant conditions. This means that the acceptance of such products has expanded in the UK. The doctors got the approval to prescribe cannabis-derived products post changes in the UK regulations on 1 November 2018.
A day before, MGC Pharmaceuticals partnered with Grow Biotech and IPS to get ready access to distribution channels in medical cannabis market of the UK. Initially, the two companies have already received the prescriptions in the UK for CannEpilâ¢. This signifies that the doctors and pharmacies are increasingly recommending the cannabis-derived products in case of drug resistant conditions.
Grow Biotech PLC is a British headquartered company that is engaged in developing tools to close the gap between the present cannabis medicines and approved pharmaceutical standards. IPS Specials is involved in the production of unlicensed compounded medications for hospital pharmacists and dispensing doctors.
The principal products of the company and their respective uses are indicated in the below chart.
The Co-founder and Managing Director of MGC Pharma, Roby Zomer consider the arrival of the first shipment as the milestone achieved in the history of MGC Pharma. He commented that CannEpilâ¢ has the ability to enhance the lives of people living with epilepsy.
The company had made a lot of announcements in April relating to its collaborations and partnerships with other companies.
Last week, the company also entered into strategic supply agreements with Health House International and Cannvalate. Both the companies are engaged in the distribution and logistics services of medicinal cannabis. The agreement allowed MGC Pharma to market its phytocannabinoid-based products under the Special Access Scheme.
On 17th April 2019, the company collaborated with YuShop Global, a Chinese e-commerce import platform to market its CBD based nutraceuticals in the Chinese health products market. MGSâs nutraceutical products contain high-grade phytocannabinoids.
MGC Pharmaceuticals Ltd received the permit to import CannEpilâ¢ into the UK on 12th April 2019. The license enabled the company to distribute CannEpilâ¢ in medicinal cannabis products market of the United Kingdom.
MGC Pharmaceuticals made public its 2019 commercialisation strategy on 2nd April 2019 that focussed on the two key divisions including Research & Development and Seed-to-Pharmacy Manufacturing.
The companyâs stock gained by 16 per cent post the announcement of receiving its first shipment. The stock ended higher on ASX at AUD 0.058 on 7th May 2019 while it traded flat at AUD 0.050 yesterday.
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