MGC Pharma reaches four-figure prescription milestone ahead of schedule
Health & Biotech
Health & Biotech
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Special Report: After a bumper October, seed-to-pharmacy company MGC Pharma has now passed the 1000 prescription milestone — well ahead of schedule.
October saw a steep increase in demand for MGC’s (ASX:MXC) CannEpil and MXP100 products, used to treat epilepsy and mild neurological disorders and inflammation respectively.
The medicinal cannabis products, developed by MGC’s research and development team and manufactured at commercial scale in-house, are sold to MGC’s network of specialised doctors in Australia and the UK, who are able to prescribe the products to patients that comply with the countries’ regulatory frameworks.
More than 500 unique patients have been administered the products, with more than 25 prescriptions per day in October. This 1000 prescription milestone beat the company’s predictions.
Cannvalate, one of MGC’s Australian distribution partners, says the explosion in prescriptions is due to increasing word-of-mouth of the quality of the medicines.
“We are delighted to see that MGC Pharma’s product range has been so well received by the medical community,” Cannvalate chief executive Sud Agarwal says.
“Each week, there are hundreds of patients that are accessing MGC range medication via our network.
“The spike of interest has been due to superior quality (EU-GMP), competitive pricing, and individually designed condition-specific medications.
“We are looking forward to managing the continued increase in demand and we are thrilled that Australian patients have access to high-quality, consistent and affordable cannabinoid medication.”
To meet this demand, MGC’s Slovenia-based manufacturing facility has capacity to produce its standardised, pharmaceutical-grade medicines for up to 5000 patients per month.
Roby Zomer, MGC co-founder and managing director, told investors of the “clear momentum” behind the business.
“From a standing start we have now hit 1000 prescriptions in a short space of time and ahead of schedule, demonstrating a clear demand for MGC Pharma’s products,” he says. “The established profile of return patients for MGC Pharma products is expected to drive the prescription growth rate through November, December and beyond.”
Prescriptions are expected to continue to grow at an exponential rate, with new purchase orders worth over $485,000 recently received.