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MGC Pharmaceuticals opens up European market
1 minute read
MGC Pharmaceuticals (ASX:MXC) has just opened up the European market thanks to regulatory approvals.
It has received word from the European Commission’s Comestic Products Notification Portal that it has approval to start selling its cosmetic products derived from cannabidiol compounds found in cannabis in Europe.
The CPCP is the European equivalent of the US FDA or Australia’s Therapeutic Goods Association.
The approval clears the way for European consumers to start buying MXC’s goods direct – including a moisturising day cream, an anti-aging mask, and a dark circles eye serum.
It also opens the door for its European distribution partner, Czhechia-based Czech Medical Herbs to start commercialisation of the product line.
MXC has also told its shareholders that it has lodged formal applications with the US FDA and the TGA to do the same – saying that outcomes on the applications are expected “in the coming months”.
It estimates the global cosmetics market to be worth more than $460 billion.
Managing director Nativ Segev said the approval would provide a step-change for the company.
“It allows the company to commence dedicated marketing and sales efforts for its cosmetics products throughout the EU and furthering our move towards material revenue generation, as part of the large global cosmetics market,” he said.
It has previously estimated that the sales deal with Czech Medical Herbs could be worth about $500,000.
In March it unveiled a push into the pharmaceuticals R&D space, signing an agreement with Israel-based Sipnose to develop a CBD-based medicine for sufferers of epilepsy.
The retail revenue will provide a base to work from while MXC pursues a product development breakthrough, which is expected to be the main game for the company.