MGC Pharma steps on the gas as prescription momentum continues to build
Health & Biotech
Health & Biotech
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Special Report: Sales of MGC’s prescription products have more than doubled since the end of September, as the company works towards expansion into new markets.
Medicinal cannabis company MGC Pharmaceutical (ASX:MXC) had some good news for the market this morning, as the recent growth in its cannabinoid medicine sales shows no signs of slowing down.
The company announced that it’s now passed the 800-prescription milestone, up from 400 at the end of September which in turn was more than double the August total.
MGC said the results demonstrate the “near-term revenue generating potential” of its business model, which is currently based around prescription sales of phytocannabinoid medicines in Australia and the UK.
The company now expects to clear the 1,000 mark in November. MGC co-founder Roby Zomer said the increase in sales is representative of “growing recognition from, and use by, the medical community, and we expect to continue to see this growth in new prescription”.
MGC’s current sales are derived from its two core products – CannEpil, used to treat epilepsy, and MXP100, used to treat mild neurological disorders and inflammation.
Both products are sold to MGC’s network of specialised doctors, within the regulatory frameworks that apply to the Australian and UK jurisdictions it currently operates in.
In addition, the company has commenced the approval process for key markets in Europe and Asia, to meet the Special Access Scheme requirements for medicinal cannabis distribution.
To meet potential demand, MGC’s Slovenia-based manufacturing facility has capacity to produce its standardised, pharmaceutical-grade medicines for up to 5,000 patients per month.