MGC Pharma Reaches 1000 Prescriptions

MGC Pharmaceuticals (ASX:MXC) has just hit 1000 patient prescriptions among 500 unique patients. The milestone achievement comes earlier than the company expected.

We recently called MGC Pharmaceuticals (ASX:MXC) one of Australia's brightest biotech companies in the cannabis space, and it's becoming increasingly evident why.

Due to a significant increase in prescriptions in October, MGC Pharmaceuticals has reached its 1000 patient prescriptions milestone a month ahead of schedule. The milestone was achieved across Australia and the United Kingdom, with prescriptions issued to more than 500 unique patients.

The rapid growth in October prescriptions represents more than double the number of units prescribed in September and averages out to be over 25 units prescribed per business day during October.

The prescriptions have primarily been two of MGC Pharma's proprietary products, CannEpil® and MXP100 (100mg/mL cannabidiol), which are both prescribed in Australia under the Special Access Scheme, as well as in the UK through specialized doctors under the Early Access to Medicines Scheme.

CannEpil® is the Company's high CBD, low THC formula (20:1) which is designed to treat drug-resistant epilepsy, whereas MXP100 is recommended for inflammatory disorders and for hepatoma patients.

The cannabinoid formulas are produced from MGC Pharma's EU-GMP manufacturing facility in Slovenia, which has the potential to produce pharmaceutical-grade phytocannabinoid medicines for approximately 5,000 patients per month, at full capacity.

As demand continues to spike, New Purchase Orders for MGC's products are now exceeding €300,000, and will likely continue to increase.

Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "From a standing start we have now hit 1,000 prescriptions in a short space of time and ahead of schedule, demonstrating a clear demand for MGC Pharma's products."

"The established profile of return patients for MGC Pharma products is expected to drive the prescription growth rate through November, December and beyond. As recent announcements have shown there is clear momentum behind the business, and we look forward to updating the market on our progress as we look to capitalize on the fast-growing medicinal phytocannabinoid market," Zomer concluded.

On the progress, Sud Agarwal, CEO of Cannvalate, also commented saying that "we are delighted to see that MGC Pharma's product range has been so well received by the medical community.

Each week, there are hundreds of patients that are accessing MGC range medication via our network. Sud Agarwal, CEO of Cannvalate

Agarwal went on to say that "the spike of interest has been due to superior quality (EU-GMP), competitive pricing and individually designed condition-specific medications. "We are looking forward to managing the continued increase in demand and we are thrilled that Australian patients have access to high-quality, consistent and affordable cannabinoid medication."

To learn more about MGC Pharmaceuticals, visit their Company HQ here.

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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