ASX pot-stock MGC Pharma mixes up first CannEpil™ batch
MGC Pharmaceuticals (ASX:MXC) this morning revealed that its European medicinal cannabis manufacturing facility is today producing the first batch of CannEpilTM, following the receipt of its interim Good Manufacturing Practice (GMP) certification.
This sizeable milestone kicks off following delivery of pharmaceutical-grade THC compound to the company’s manufacturing facility and approval from the European authorities.
Analysis of the first batch will commence shortly to confirm that GMP production protocols have been followed. Critically, this will be the final step in the process before full certification is granted, after which the facility will be one of the most advanced in Europe for pharmaceutical-grade medical cannabis production.
Once granted, MXC will be able to begin full-scale commercial production of CannEpil, and to produce additional pharmaceutical-grade medical cannabis products for use by the company in clinical studies, research pipelines and additional medical products licensed for distribution.
CannEpil is MGC Pharma’s first pharmaceutical-grade medical cannabis product, targeting drug-resistant forms of epilepsy (also known as refractory epilepsy), which accounts for around 30 per cent of the 240,000 people diagnosed with epilepsy in Australia each year.
Once distribution of CannEpil begins, moreover, it is set to generate significant revenues for MXC, expected to be around $1 million per year from its first full year of distribution. Notably, this is from less than 100 patients already registered through MXC’s relationship with Epilepsy Action Australia (EAA).
CannEpil be distributed in Australia under MGC Pharma’s agreement with specialist Australian pharmaceutical distributor, HL Pharma.
It’s worth noting here that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
MXC co-founder and CEO, Roby Zomer, said: “This is an exciting final step for MGC Pharma as we focus on completing full GMP certification of our manufacturing facility, allowing us to produce CannEpil in Europe and focus on significantly progressing our medical research and development of our pharmaceutical products pipeline.”
“The production of our first CannEpil batch is a milestone, and leaves us well-positioned to achieve certification and commence full-scale commercial production in the next few months.”
This most recent development — a sizeable landmark for the $103.4 million-capped biotech junior — has put MXC on a considerable high. The company’s share price has surged on the back of this morning’s announcement, currently sitting at 8.9 cents.
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