Sales of MGCs new low-cost Mercury Pharma line are surging higher
Health & Biotech
Health & Biotech
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Special Report: Purchase orders for Mercury Pharma have almost doubled in February as MGC continues to build traction in the local market.
For Europe-based “seed-to-medicine” cannabis company MGC Pharmaceuticals (ASX:MXC), production and development of new phytocannabinoid treatments is at the core of the company’s business strategy.
In January this year, MGC introduced Mercury Pharma – a medicinal product distributed through Australia and New Zealand with a lower price-point than competing medicines.
The new product was developed “following feedback from patients and prescribing physicians that one of the biggest hurdles to patients is the cost of phytocannabinoid medications currently available”.
And the response from regional cannabis patients has been immediate. Over the past week alone, purchase orders for Mercury Pharma have surged from around 2,000 to 3,700 – a gain of 85 per cent.
“Upon delivery, this order will lead to a significant increase to the number of prescriptions issued to date, more than doubling the total to over 4,500,” MGC said.
The additional 1,700 units will add another $200,000 to the contract value, bringing total revenues from Mercury Pharma sales to over $430,000 – income which will flow straight into the Q1 trading result.
And managing director Roby Zomer said he expected to see demand “grow rapidly over the coming months, with access to new markets opening for our cannabinoid-based medicines”.
MGC’s Mercury Pharma product will be prescribed through Australia and New Zealand by licensed healthcare professionals, with the majority of sales derived from MP100 – its cannabidiol solution that contains a 100mg/mL CBD dose.