MGC's new product line is expected to drive prescription numbers in the short term and was developed in response to feedback from patients and healthcare providers.
The European based 'Seed to Pharmacy' bio-pharma company, MGC Pharmaceuticals Ltd (ASX: MXC), is kicking things up a notch in 2020, with the launch of a new line of affordable cannabinoid products known as Mercury Pharma.
The proprietary affordable prescription medicine line will be available exclusively in Australia and New Zealand, with "Mercury Pharma 100" (MP100)—a 100mg/mL CBD solution available for prescription from healthcare professionals—being the first product set to launch.
Purchase orders for MP100 have already totalled over 2,000 units and are set to be distributed in January and February by logistics specialist, Cannvalate Pty Ltd, while additional orders from Health House International are also expected in the coming weeks.
The launch of Mercury Pharma brand and "MP100" so early in 2020 bodes well for the year ahead as MGC Pharma continues to follow its agenda to provide cost effective affordable standardised phytocannabinoid based medicines to patients globally. Co-founder and Managing Director of MGC Pharma, Roby Zomer
The COO of Cannvalate, Darryl Davies, was enthusiastic about the launch, saying that the company is "delighted to introduce MGC Pharma's latest range across our network."
"MP100 is a high-quality, cost effective medication option that we expect to be extremely well received by both prescribing physicians and patients."
"MXC continue to work towards lowering barriers for Australian patients and we expect this will be the start of significant growth in patient numbers for 2020," Davies said.
MP100 was developed in response to feedback from patients and prescribing physicians concerning the access issues regarding the price point of medicinal cannabis products. The company expects the revenue generated from the purchase orders to produce in excess of $270,000, which will have a positive and immediate effect on short term revenues.
According to the Managing Director of MGC Pharma, Roby Zomer, the Mercury Pharma brand, "brings an alternative affordable high CBD prescription medicine to the Australian and New Zealand markets only, as well as adding a new product line to MGC Pharma's offering."
"Without competing with our existing EU GMP Pharma grade medicines, we believe we will be a serious competitor for already available cannabis derived products and look to disrupt the market. We have already seen a positive response to MP100 with purchase orders totalling over AU$270,000, which will have an immediate and positive effect on our revenues in Q1 2020."
"With ever increasing prescription numbers for our pharma-grade products, we expect to see a further significant increase in patient and prescription numbers in the relative short term as MP100 is increasingly available in Australia and New Zealand, and as we continue to develop additional formulations for the Mercury Pharma brand," Zomer said.
The launch of MP100 is also expected to help drive total Australian and New Zealand prescription numbers, due to the product lines affordability and the large distribution network of Cannavalate.
News of the Mercury Pharma launch caused MGC Pharma stock to climb in value by 6.25%, which saw shares trading at 0.034 apiece, as of 7 January 2020.
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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