MGC Pharmaceuticals Ltd has just reached 100 patients in Australia that are prescribed or about to receive a prescription for their cannabinoid-derived medicines.
MGC Pharmaceuticals Ltd (ASX: MXC, 'MGC Pharma' or 'the Company'), a European based 'Seed to Pharmacy' bio-pharma company which aims to develop and distribute cannabinoid derived medicines, has just reached 100 patients in Australia that are prescribed or about to receive a prescription for MGC Pharma's products.
The two primary pharmaceutical products which are being prescribed to patients are; CannEpil, an oil solution that can be taken orally to relieve the symptoms of severe epilepsy, and MXP100, which is primarily used for neurological conditions.
Both of these products are currently en route to arrive in bulk in Australia to be prescribed through the Special Access Scheme. These patient registrations are being collected through Health House International and Cannvalate through a distribution agreement made with MGC Pharma.
MGC Pharma has also entered into a supply deal to have their products added to the product range of Tetra Pty Ltd ('Tetra Health'), an organization which provides health professionals and patients with access to medicinal cannabis products. The agreement will broaden the reach of MGC Pharma, and the prescription of its products as Tetra has an established network of over 30,000 global patients, on top of specialist nurses who provide ongoing support and patient monitoring.
Under the terms of the agreement, Tetra Health shall purchase MGC Pharma's products wholesale from the Company's distributor Health House International to then be distributed to Tetra Health's network of pharmacies, prescribing physicians and partnered clinics. There are no specified minimum contract amounts or volumes under this agreement.
Tetra will purchase MGC products wholesale from MGC Pharma's pharmaceutical products wholesaler and distributor, Health House International. From there, Tetra can disperse the products across its wide range of partners.
On top of this, this month MGC plans to import additional products to expand its product range and secure additional patient numbers.
The Co-founder and Managing Director of MGC Pharma, Ruby Zomer commented on the 100-patient milestone, describing it as a "major milestone" that the company achieved in a "relatively short amount of time."
Zomer went on to say that "We anticipate our number of patients to increase as we broaden our product range available for prescription, and with products in Australia available for immediate supply. Our cannabinoid-based pharmaceutical products are of consistent high-quality at an affordable price, and we believe that this is a key differentiator for the Company and will encourage prescriptions."
"The agreement with Tetra Health serves to further advance the commercialisation of our cannabinoid derived pharmaceutical products in Australia by connecting greater numbers of patients with products through Tetra's established network of prescribing physicians and partnering clinics."
– Co-founder and Managing Director of MGC Pharma, Ruby Zomer
The chairman of Tetra Health, Ian Mutton, also spoke of the agreement:
"We are delighted to add MGC Pharma's cannabinoid medicines to our diverse product offering. Matched with our own 500%+ increase in prescribed patient growth over the last month, this relationship allows us to add much needed medications to our product line to service our diverse patient cohort across Australia and grow with another Australian based supplier of cannabinoid-based therapeutics."
The milestone of having 100 prescribed patients fulfills a goal set by MGC in late January 2018, and will finally be achieved once the August shipment arrives.
It's been a big year for MGC Pharma; with the recent announcement of its upcoming Maltese facility, the company now has a gateway for its cannabinoid-based pharma products into lucrative European and global markets.
MGC also secured a distribution deal with YuShop to sell CBD-based nutraceuticals throughout China, and made huge breakthroughs in their pre-clinical trials that test the efficacy of cannabinoids in treating brain cancer.
The company has been on a mission, and it looks like it might just be the beginning.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!