MGC Pharmaceuticals (ASX: MXC, OTC: MGCLF) has released an update on their pharmaceutical product commercialisation strategy, showing strong progress in research and development.
MGC Pharma is one of the more relatively quiet ASX listed companies, with physical operations being conducted mainly in Slovenia, where their euGMP manufacturing facility is location, and the Czech Republic, where they conduct botanical research.
The Company has indicated they are focussing on three sectors for product development:
Neurological Disorders: being their flagship products CannEpil (for epilepsy) and CogniCann (for dementia/Alzheimer’s). Both products are currently underway with Phase IIB clinical trials.
Oncology and Treatment Side Effects: Tetrinol, for the treatment of cachexia and acute nausea, is currently under development, while pre-clinical research on melanoma and prostate cancer is soon to be underway at RMIT in Melbourne, and brain cancer at the NIB in Slovenia.
Inflammatory and Autoimmune: MGC’s first Anti-Inflammatory products are InCann to treat Crohn’s and colitis, and TopiCann, a topical cream to treat Eczema and inflamed skin.
In addition to research, MGC’s manufacturing facility is increasing output to meet demand for MGC products in Australia and Europe, while providing white label services to several companies, globally.
These capabilities will be expanded once their 6,000m2 facility in Malta is operational later this year.
Managing Director Roby Zomer said, “MGC Pharma has delivered a very productive first quarter with key operational milestones being achieved for the commercialisation of its bio-pharma business. The recent sale of MGC Derma to CannaGlobal has enabled us to position ourselves as a pure pharmaceutical company as we direct our research and focus into our two core divisions.
Having secured an EU licence to produce non-sterile schedule two medicines, which includes all cannabinoids and the consolidation of our European activities in Malta, we are in a strong position to grow and develop our Seed-to-Pharmacy manufacturing division and make excellent progress in 2019.”
MGC Pharma has seen a steadily decreasing share price over the last 6-12 months, to where it now sits at $0.34 ($41m market cap). However, they generated one of the highest revenues for ASX cannabis specific companies, and have a clear strategy for growth, commercialisation, and eventual product registration both in Europe and Australia, something some of the higher performing companies cannot claim.