MGC Pharmaceuticals knocked it out of the park again, after purchase orders reached €300,000 during the latest quarter.
MGC Pharmaceuticals (ASX:MXC) hit another home run today, after the company announced that it had achieved multiple key milestones in its newly released September Quarterly Report.
During this period the company saw an increase in first material prescriptions, patient numbers and revenue streams, while total cash receipts reached AUD 413,000.
This was the result of MGC Pharma's particularly strong sales during the September-October period, which accounted for more than €300,000 in purchase orders.
According to the Co-founder and Managing Director of MGC Pharma, Roby Zomer, the company has seen, "another period of excellent progress delivering on our 'Seed to Medicine' business strategy."
"The Progress achieved in our Research & Development division, where we are working with leading academic institutions internationally, continues to make breakthroughs in the effectiveness of phytocannabinoids, as highlighted by the positive research published on the treatment of brain cancers."
"We have achieved multiple milestones across our pharma business channels, the highlight being the continuing rapid growth of prescription numbers, doubling in just two weeks during September and continuing during October, which validates the quality and immediate patient demand for our phytocannabinoid based investigational medicinal products (IMP) and underpins our growth potential."
"The signing of the long-term lease for a Maltese research and production facility is transformational as it creates a centralised production and distribution hub that provides a gateway to key European markets," Zomer said.
The company's prescription numbers also surged during this period, quickly climbing from 200 to 800, and then most recently reaching 1000 in October.
With a unique EU-GMP production facility and key market distribution infrastructure and sales channels established, we can meet the increasing demand for our product portfolio of phytocannabinoid derived medicines, of which we can see the increasing patient numbers in Australia and the UK.Co-founder and Managing Director of MGC Pharma, Roby Zomer
The company announced additional academic partnerships and clinical research programs to further demonstrate the efficacy of its CannEpil product, while also identifying the effectiveness of specific phytocannabinoids on glioblastomas, which is the most aggressive—and therapeutically—resistant form of brain cancer.
MGC Pharma took several steps closer to entering the UK market during the quarter, after it engaged the services of the Canaccord Genuity and Canaccord Genuity UK, to act as the company's equity capital markets advisor in Australia and lead its dual listing on the London Stock Exchange, respectively.
The Human Research Ethics Committee also granted MGC Pharma approval to conduct a controlled trial to assess the effects of CannEpil on vehicle driving performance along with a first of its kind study comparing the effectiveness of the drug with a 100% CBD product.
During this time the company completed a beta test in the Chinese market with online retailer YuShop, which generated positive customer demand.
The eight-week trial campaign saw an initial strong market response during the quarter, which saw the company identify potential consumer demand for CBD products from MGC.
This led to the establishment of an initial sales and marketing campaign, which will see MGC's nutraceutical line sold via YuShop's online platform, as well as a network of commercial retail channels.
As part of the agreement MGC will collect 65% of gross sales margin, after retail costs and commissions.
To learn more about MGC Pharmaceuticals, visit their Company HQ here
Disclaimer: past performance is not an indicator of future performance
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