MGC Pharma Releases Formidable Half-Yearly Interim Financial Report

The company hit a number of key milestones during this period, including material prescription increases and entry into multiple new international markets.  

There was more big news from MGC Pharma (ASX:MXC) this week, as the company published its interim financial report for the half year ending 31 December, 2019.

During this time the company managed to deliver on multiple significant operational and commercial milestones, as part of its ongoing efforts to become a globally leading biopharma company and phytocannabinoid derived medicine manufacturer.

One of its chief achievements during this period was the continued delivery of material increases in new prescriptions in Australia, Brazil, the UK and Ireland, further demonstrating the company's revenue generating potential.

We have continued to build momentum this year by adding Poland to the list of countries where our phytocannabinoid-derived medicines are available, which follows our entry into Ireland in December after receiving formal approval for the sale of CannEpil. Additionally, the prospect of researching easier access to regulated products is one that appeals to MGC Pharma's scientific board, creating data that will hopefully support this agenda on a global level.

MGC Pharma Co-founder and Managing Director, Roby Zomer

The company added over 700 new patients during December 2019 alone, representing a 600% increase in prescribed MGC products, while repeat prescriptions for MXP100 and CannEpil rose by 33% and 43%, respectively.

A number of key new territories were added during this period including Ireland and Latin America, while also signing a long-term lease with Malta Industrial Parks for construction of its large-scale Pharma Production Facility.

This was another major milestone for the company, as it will allow MGC Pharma to begin construction on its 6,000 square meter state-of-the-art GMP production and research facility.

Post the period end, the company also confirmed that it had signed a distribution agreement with a leading Peruvian medical products distributor, Anden Bio Naturals SA, which will see MGC's products rolled out to more than 7,500 pharmacies and private medical clinics across the country.

This was then followed in late February 2020 by the announcement that MGC Pharma had also entered into the Polish market via an exclusive commercial wholesale agreement with the Forensic Laboratory of the Faculty of Law and Administration of the University of Łódź and the Polish NGO Cannabis House Association.

As a result, MGC Pharma products will now be available in Poland for the first time and will be immediately rolled out to 15 pharmacies as part of a nationwide project aimed at collecting data on medicinal cannabis use.

This number will then be scaled up to 50 within the first nine months of the project, before eventually expanding to 250 pharmacies within a two-year time frame.  

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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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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