Biopharmaceuticals manufacturer MGC Pharmaceuticals (ASX: MXC) has seen significant uptake of its cannabinoid medications with prescriptions across Australia and the United Kingdom doubling to 800 patients through the month of October.
The update comes as more medical practitioners prescribe phytocannabinoid-derived medications CannEpil®, which targets drug-resistant epilepsy, and MXP100 which is recommended for neurological disorders, inflammation and hepatoma.
“This material increase in uptake of prescriptions in such short period of time demonstrates the real patient interest and demand for MGC Pharma’s EUGMP grade phytocannabinoid derived products and cost competitiveness of our medicines in our first 2 markets to be accessed,” said MGC Co-Founders and Managing Director, Roby Zomer.
“The increased momentum of new prescribed products in Australia and the UK is yet again a testament to the quality and effectiveness of our phytocannabinoid medicines and growing recognition from, and use by, the medical community and we expect to continue to see this growth in new prescriptions.”
Prescriptions in the cannabinoid medications can be accessed in Australia under the Special Access Scheme and in the United Kingdom under the Early Access to Medicines Scheme.
MGC can currently produce pharmaceutical grade phytocannabinoid medicines for approximately 5,000 patients per month at their Slovenian manufacturing facility but with the Company expecting significantly higher uptake in the years to come, has a 15,720m2 facility in Malta currently under construction.
“Our GMP compliant and fully integrated bio pharma Maltese facility, when constructed, will allow us to significantly scale up our existing operations and commercial activities,” said Zomer.
The new Malese facility will include a 5,240m2 greenhouse on the roof for cultivation.
With distribution networks set up across Australia and the United Kingdom already, sales revenue will appear on the Company’s financials upon payment with industry-standard terms being 90 days.
MGC Pharma estimates the medicinal cannabis market to be valued at £47billion by 2028 where Europe will be the largest market by spend.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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