Pure pharma: How MGC Pharma is setting up for 2019 and beyond
Health & Biotech
Health & Biotech
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Special Report: A recent strategic change at MGC Pharmaceuticals to focus entirely on developing and commercialising medicinal cannabis products has the company primed for exponential growth.
European-focused bio-pharma company MGC Pharmaceuticals (ASX:MGC) has outlined its 2019 pharmaceutical product commercialisation strategy, with the recent sale of its MGC Derma division, allowing it to focus on providing best-in-class medicines for patients around the globe.
MGC will now operate only two business divisions: seed-to-pharmacy manufacturing and research & development, with the objective of becoming a leading supplier of cannabinoid based pharmaceutical products for patients in Europe, UK, and Australasia.
Roby Zomer, co-founder and managing director of MGC Pharma, said the new strategic direction would position it as a pure pharmaceutical company.
“2019 is shaping up to be a transformational year for MGC Pharma as we march towards commercialisation and this has been a very productive first quarter with key operational milestones being achieved,” he told Stockhead.
“Our decision to shift operations into two different divisions will allow the two sides of our business, research and development and seed-to-pharmacy manufacturing, to have sole focus, which will ensure we continue to develop innovative new products as well as manufacturing current medicinal cannabis products and get them into the hands of patients as soon as possible.”
“Our research and development division are making significant progress with new treatments across neurological, oncology and inflammatory bowel conditions,” Mr Zomer said.
“It is also working with RMIT University to develop better treatments for cancer, nanotechnology-based drug delivery and research into the combined treatment of traditional medicine and cannabinoid therapy. This is all going on in the background to our several clinical trials.”
RMIT University recently received crucial approval from the Australian Office of Drug Control (“ODC”) to possess and handle phytocannabinoids for research purposes, meaning MGC will be one of few Australian cannabis companies to benefit; officials were forced to apologise last year as it struggled to keep up with the rate of applications.
Meanwhile, recruitment for the company’s Phase IIb clinical trial for CogniCann, its treatment for patients aged 65 and over with mild dementia and Alzheimer’s, has commenced.
That is alongside its Phase IIb Slovenian trial for CannEpil, its epilepsy treatment, as well as seven pre-clinical trials currently underway.
“Our seed-to-pharma division take our R&D division’s work and turns it into real-world products that are benefiting patients all over the globe,” Mr Zomer told Stockhead.
“With a facility already established in Slovenia and one to come in Malta, MGC Pharma will have significant land space in order to manufacture medicinal cannabis products more efficiently than ever before.”
The seed-to-pharmacy division’s job is to bring a series of phytocannabinoid based medicines to market that are specifically designed to treat a range of neurological, inflammatory and physiological disorders.
In order to support this the company has partnered with global pharmaceutical companies to generate global exposure within the sector, with its distribution network covering Europe, the United Kingdom, the Middle East, North Africa, Australia and New Zealand.