MGC Pharma ready to commence registration of dermatological products
MGC Pharmaceuticals (ASX:MXC) announced on Monday morning that the company had completed its safety assessment in relation to its cannabidiol (CBD) based dermatological treatment products for symptoms of acne, psoriasis and seborrhoea.
This is an important development for the company as it paves the way for the group to commence registration of these products with the European Cosmetic Products Notification Portal (CPNP), which once ratified will enable MXC to distribute its products throughout the European Union.
Safety assessment included skin patch tests on 30 human volunteers, and the results delivered a 100% success rate. The company will shortly commence three-month clinical tests on human volunteers in Slovenia to determine the efficacy of the products.
In highlighting the importance of this development, co-founder and Managing Director of MXC, Nativ Segev said, “The commencement of our registration with the European Cosmetics Production Notification Portal is a significant milestone in the company’s journey towards commercialisation, as certification will then allow MGC Pharmaceuticals to immediately sell its CBD dermatological skincare products throughout the European Union”.
Upcoming clinical tests
Segev also highlighted the fact that it was encouraging to be making the progression to clinical tests of the group’s CBD dermatological products in order to demonstrate the efficacy of its formulations.
MXC expects to commence a three month testing phase shortly on human volunteers across its three CBD based dermatological products.
While Segev did not put a timeline on when results are likely to come to hand, a favourable outcome could provide positive share price momentum.
However, this is an early stage stock and investors should note that forward-looking statements and potential share price movements should not form the basis for an investment decision and if considering this stock independent financial advice should be sought.