MGC Pharma Reaches 1,400 Prescription Milestone

MGC Pharmaceuticals has seen a 40% growth in prescription numbers since October 2019, with average prescription orders rising to 22 per business day.

The "Seed to Medicine" bio-pharma company, MGC Pharmaceuticals (ASX:MXC), announced today that the prescription numbers for its cannabinoid medicines have passed 1,400.

This increase accounts for patients in Australia, the UK and mostly recently Brazil—thanks to a distribution agreement with ONIX Empreendimentos—representing a 40% growth since October 2019.

Unique patient numbers increased by 28% during the same period, while also being accompanied by a rise in the amount of return patients, further contributing to MGC's continued prescription growth rate.

Aside from this, there is also a number of other patients—in various global markets—who are currently being treated with MGC Pharma products through participation in ongoing clinical trials.

The Co-Founder and Managing Director of MGC Pharma, Roby Zomer, stated that the company is, "delighted with continued momentum behind the business which is demonstrated by the ongoing growth in the number of prescriptions, increasing by 40% since the end of October, with an increasing number of return patients."

"This shows the near-term revenue generating potential of the Company based on its phytocannabinoid derived medicines which are now available to patients in Australia, the U.K and Brazil under early access schemes."

"We look forward to updating the market on our further progress as we approach the New Year," Zomer said.

This latest milestone is an important step in MGC Pharma's ongoing expansion strategy, which is focused on the commercialisation of its portfolio of phytocannabinoid-based medicines through international distribution agreements.

The company's management have confirmed that they will continue to work closely with designated distributors to further expand its clinical network—aside from its growing body of independent prescribers—which will aid in increasing patient access to phytocannabinoid derived medicines. 

To learn more about MGC Pharmaceuticals visit their Company HQ here

Disclaimer: Past performance is not an indicator of future performance.

Disclaimer: past performance is not an indicator of future performance
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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.

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