The company put on a powerhouse performance during the quarter, as prescription volumes grew by 450%, while sales revenue increased by $950,000.
The European based 'Seed to Medicine' bio-pharma company, MGC Pharmaceuticals (ASX:MXC), unveiled its s Quarter Activity report for the three months ending 31 December 2019 today, showing a strong increase in prescription volumes issued by over 1,500.
During the quarter prescription volumes grew from 337 at the end of September to 1,890 by the start of 2020, representing 450% quarter-on-quarter increase.
The MGC team has delivered tangible results in the last quarter and the continued climb in prescription numbers, which has now passed 2,000, illustrates the clear market demand for our phytocannabinoid derived medicines. We believe this rapid growth trajectory of patients and prescriptions will continue in 2020 – our products are now available on three continents and as the knowledge of MGC Pharma's medicines improves amongst healthcare professionals, we expect continued strong increases in prescription numbers. Co-Founder and Managing Director of MGC Pharma, Roby Zomer
Patient numbers also climbed significantly during this period, hitting up to 600% quarter-on-quarter growth while increasing from 110 to 811.
As a result, the company managed to deliver a material increase in sales of $950,000 for the December quarter. This increase in revenue was driven largely by increasing product demand and the growing number of return patient using MGC Pharma products, as the company continues to entrench itself and expand its market share.
This number will also be supplemented by a significant amount of new orders CannEpil and Mercury Pharma 100 (MP100) that were received in early January following the conclusion of Q4 2019.
During this period the company also reached a number of other strategic milestones, which includes the execution of a Joint Venture with BRASILINVEST that will see MGC Pharma products enter the Brazilian and Latin American markets. Additionally, MGC Pharma also fulfilled its first purchase order from the Brazilian distribution partner, ONIX Empreendimentos e Participações during December 2019.
The company's flagship epilepsy drug, CannEpil, also received formal approval for sale in Ireland in December, which is expected to expedite the approval process in further EU states due to "mutual recognition".
According to the Co-Founder and Managing Director of MGC Pharma, Roby Zomer, during the quarter the company's products, "received approval to be imported into Ireland and Brazil, together with the recent distribution agreement recently signed with a Peruvian distributor, we will be working to further expand this list and give access to more patients in more countries."
"It's also noteworthy that the first bulk shipment of CogniCann arrived in Australia, allowing the commencement of the Phase IIb clinical trials in partnership with the University of Notre Dame Western Australia, which is to commence in February. I'm also glad to announce that patients in Australia and New Zealand will now have access to a new proprietary, affordable cannabinoid prescription product under the brand name Mercury Pharma."
"This and all other achievements would have been impossible without the whole MGC Pharma team and their hard work in the last quarter. Thanks to them we've made strong progress and I have full confidence that we will be able to continue delivering growth," Zomer said.
Significant progress towards MGC Pharma's dual listing on the London Stock Exchange (LSE) was made over the course of Q4 2019—with final submissions to the LSE being made in mid-December—while the first bulk shipment of CogniCann was also received in Australia, allowing the company to commence Phase IIb clinical trials in the near term.
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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