The shipment will be used to commence Phase IIb clinical trials of CogniCann and is due to arrive in the coming days.
MGC Pharmaceuticals Ltd (ASX:MXC) announced today that the first bulk shipment of its' dementia and Alzheimer's targeting drug, CogniCann, is currently en route to Australia and will arrive before the end of 2019.
The arrival of the first shipment will allow the company to kick off its Phase IIb clinical trials of CogniCann, which are being conducted in partnership with the University of Notre Dame in Perth, Western Australia.
The shipment will also contain additional units of CogniCann which have been earmarked for prescription under the Special Access Scheme (SAS) or by an authorised prescriber. MGC Pharma currently has a non-exclusive distribution agreements in place with Health House International and Cannvalate covering its range of cannabinoid products, including CogniCann (3:2 formula of THC to CBD), CannEpil (high CBD, low THC formula 20:1), MXP100 (100% CBD), and MXC1:1 (50% THC and 50% CBD).
We are pleased to have this opportunity to work with MGC Pharma to undertake a rigorous research study that will enable us to assess the clinical efficacy of CogniCann to improve the quality of life of people with Dementia.Director of the Notre Dame Institute for Health Research, Professor Jim Codde
The company's Phase IIb clinical trial will involve 50 patients aged 65 and over—and is already receiving a high level of interest from potential participants—with results expected in Q2 2021. The study is intended to determine the optimum dosage of the drug, while also assessing its effectiveness and safety profile when targeting dementia and Alzheimer's symptoms.
MGC also recently announced that it has received the first payment from the Innovation Connections Grant that it was awarded by the Australian Commonwealth Government.
The grant is a significant milestone for the development of Australia's fledgling cannabis industry, as it represents a visible show of support from the federal government.
According to the Co-Founder and Managing Director of MGC Pharma, Roby Zomer, the upcoming arrival of its first shipment, "which will enable the commencement of Phase IIb clinical trial of CogniCann in Australia is another positive step for us."
"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," Zomer said.
News of the shipment's imminent arrival caused MGC Pharma stock to experience a moderate 1.61 percent increase in value as of midday.
To learn more about MGC Pharma visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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