Almost like clockwork, MGC Pharmaceuticals' (ASX: MXC) prescription numbers continue to climb, rising another 200 patients higher from just eight days prior.
MGC Pharmaceuticals Ltd (ASX: MXC) is a European based 'Seed to Pharmacy' bio-pharma company which specializes in the production and development of phytocannabinoid derived medicines and has just announced that it has reached 800 patient prescriptions in Australia and the UK.
By October the company had reached 400 patient prescriptions, and come mid-October, they had hit 600. Now, continuing their rapid growth, MGC has reached 800 patient prescriptions, just eight days after they had hit 600.
The 800 patient milestone represents a 300% increase compared to MGC's mid-September prescription numbers and works out to be over 20 prescriptions per day on average during October. At the current trajectory, MGC expects Australian and UK prescription numbers to exceed 1,000 patients during November this year, and also currently has applications for the Special Access Scheme underway to open the doors to European and Asian markets.
Once the company receives validation in Europe and Asia, MGC can provide pharma-grade phytocannabinoid medicines for roughly 5,000 people through their EU-GMP Slovenian manufacturing facility.
This material increase in uptake of prescriptions in such a short period of time demonstrates the real patient interest and demand for MGC Pharma's EU-GMP grade phytocannabinoid derived products and cost competitiveness of our medicines in our first 2 markets to be accessed.Roby Zomer, Co-founder and Managing Director of MGC Pharma
Roby Zomer, Co-Founder and Managing Director of MGC Pharma went on to say that "the increased momentum of new prescribed products in Australia and the UK is yet again a testament to the quality and effectiveness of our phytocannabinoid medicines and growing recognition from, and use by, the medical community and we expect to continue to see this growth in new prescriptions."
"Our GMP compliant and fully integrated biopharma Maltese facility, when constructed, will allow us to significantly scale up our existing operations and commercial activities."
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.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
MGC's UK distribution partners are Grow Biotech PLC and IPS Specials, which provide the company access to over 5,500 pharmacies across the UK.
In Australia, MGC also works with Health House International, the first medical cannabis importer into Australia, who currently wholesales to pharmacists and researchers around the country, and Cannvalate, Australia's largest network of cannabis prescribers and dispensaries, who offer MGC Pharma access to over 1000 doctors and 600 pharmacies Australia-wide.
Alongside these distribution partnerships, MGC also works with Tetra Health and Cannabis Access Clinics, who both help to expedite the prescription process for Australians, by educating patients and prescribers about medicinal cannabis products.
A lack of practitioner and patient knowledge is considered one of the key barriers to prescription in Australia's relatively new medicinal marijuana landscape.
You can find out more about MGC Pharma on their company profile here.
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