Despite the COVID-19 pandemic, MGC Pharma has continued to show strong growth in patient prescription numbers.
MGC Pharmaceuticals Ltd (ASX: MXC) today announced that the company has reached 3,295 issued prescriptions of its cannabinoid medicines throughout the UK, Australia, Brazil, and Ireland where the country has positioned itself.
The main products being prescribed are CannEpil, MXP100, and MP100 thanks to the Special Access Scheme, and over a third of patients receive two or more additional prescriptions.
"The Company is responding to the current strong order pipeline and we look forward to further sales growth opportunities with the expansion of the Mercury MGC Pharma line of products." Roby Zomer, Co-founder and Managing Director of MGC Pharma
Despite the economic downturn brought about by the Coronavirus pandemic, during which MGC's European operations were heavily affected, MGC has managed to exceed expectations with its sales, as well as expanding the Mercury MGC Pharma product line with six new products. Alongside MP100, MGC will be releasing MP 200, MP 1:30, MP 1:1, MP 7:1, MP 15:1, and MP 25, each of which has varying ratios of CBD and THC.
Additionally, the company reports having a "strong pipeline" of orders for its cannabinoid products, which suggests the strong sales and prescriptions growth will continue into the future. This is aided by the termination of MGC's distribution exclusivity agreement with GrowBiotech in the UK, allowing the company to expand its distribution opportunities in the UK.
Moreover, Australia's TGA potential rescheduling of the classification of CBD, which would make it available over the counter at pharmacies. Should this occur, MGC would be well-positioned to capitalize on the broadened market for CBD products in Australia.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "The Company is extremely pleased to have achieved the strong growth in both prescription and patient numbers in what has been a challenging operating environment due to the outbreak of COVID-19."
Disclaimer: Past performance is not an indicator of future performance.
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