MGC Pharma has smashed it out of the park again, after reaching another impressive prescription milestone and launching its new MP100 CBD product.
MGC Pharmaceuticals Ltd (ASX: MXC) hit a huge milestone today, as its' affordable cannabinoid medicines passed the 2,000 prescribed unit threshold.
The increase has been driven largely by patients in Australia and the United Kingdom, while also being supplemented by the company's recent entry into the Brazilian and Irish markets.
In fact, MGC Pharma recently confirmed that the first shipment of its medication arrived in Brazil following a maiden purchase order for its distribution partner ONIX Empreendimentos e Participações.
Last year we laid a very solid foundation for the Company and in 2020 we shall build on it as we plan to continue to grow product sales, expand distribution to new territories, advance our clinical trials and commence construction at our production facility in Malta. We expect a lot of near-term positive news flow and I look forward to updating our shareholders on our progress. Co-founder and Managing Director of MGC Pharma, Roby Zomer
The 2,000 issued prescriptions to date cover both the company's epilepsy drug, CannEpil, and its recently launched CBD product, Mercury Pharma 100 (MP100), with 262 new patients being added in December 2019 alone.
As a result, near term revenue has continued to increase as prescription numbers grow in targeted markets, with the recent launch of MP100 also being expected to generate an immediate new revenue stream in Q1 2020.
Additionally, more than 43% of CannEpil and 33% of MP100 orders are for repeat prescriptions, which is expected to drive further growth as MGC continues to establish its market presence and educate healthcare providers on the benefits of medicinal cannabinoid products.
The Co-founder and Managing Director of MGC Pharma, Roby Zomer, was enthusiastic about passing the prescription threshold, saying that the company has "made terrific progress in 2019, having grown from just 100 prescriptions starting in August 2019, to more than 2,000 by the start of the calendar year."
"I am confident that this rapid growth trajectory will continue in 2020 as our products are now available on three continents and the prescription numbers are projected to increase as the knowledge of MGC Pharma's medicines improves amongst healthcare professionals."
"The first delivery of products to Brazil and the launch of our new Mercury Pharma medicine line for the Australian and New Zealand markets are further reasons to be optimistic as they will have a positive impact on the Company's future revenue generation," Zomer said.
The market has also reacted positively to the news, with stock in MGC Pharma spiking in value by 6.06%. As of midday the shares are currently trading at 0.035 apiece.
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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