MGC Pharmaceuticals Ltd (OTCMKTS:MGCLF) has obtained a new milestone, which will give it a wide share of the Australian market. The Australian based Medical Grade Cannabis Company has signed a supply agreement with HL Pharma, a specialist Australian based Medical Grade Cannabis company. The conclusion of the agreement announces the availability of the company’s CannEpil adult epilepsy product in the Australian market.
Records have it that close to 70,000 Australian are suffering from epilepsy, a condition, which has rebelled the conventional treatment. However, MGC Pharma is delighted about the release of the new product and it is expected to benefit all the registered patients once it is approved by Australia’s Therapeutic Goods Agency and Office of Drug Control. The company has also confirmed that the manufacturing of the first order of 170 50mL bottles is underway
The defined mission of becoming a leading pharmaceutical-grade medicinal cannabis company
MGC Pharma has a well-defined vision according to its co-founder and chief executive officer Roby Zomer. The anticipation is to meet all the protocols and once it is granted full Good Manufacturing Practice certification, it will be a new pathway. Besides, it has already established strong links within peak body Epilepsy Action Australia.
Zomer says, “Once we receive full certification, we will be positioned to rapidly progress our operation in Europe with a core focus on medical research and development of the company’s pharmaceutical products pipeline.”
The commencement of an Australian sales pipeline and revenue stream
CannEpil will be sold as a cannabinoid for oral administration and at a cost of not more than $800. It is expected to be much cheaper than that of the competitors, which is another milestone for MGC Pharma. From the projections, the product should generate close to A$1 million per annum in its first year of distribution.
The company has already registered five doctors who are willing to prescribe CannEpil to their patients. However, the company must obtain approved prescriber status from the Australian authorities.
Meanwhile, MGC Pharma is having various treatments, which are undergoing clinical trials and the areas of focus include Oncology, Palliative Care, and Neurology.