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MGC Pharma on Australian approvals roll

ASX-listed bio-pharma company MGC Pharmaceuticals continues to kick goals in the medicinal cannabis space in Australia, having clinched a cannabis research cultivation permit from the Australian Office of Drug Control just days after being awarded a medicinal cannabis products’ import licence.

The European-based group hailed the cannabis cultivation permit as a boost for both its Australian operations and overarching nature-to-medicine business strategy.

The company says its research projects can now proceed under the permit and will leverage off the company’s existing genetic IP in an effort to identify new cannabinoids and treatments for a range of medical conditions. The permit opens the way for MGC Pharma to undertake botanical research projects in collaboration with Melbourne’s RMIT University, with initial analysis work to focus on cultivating and breeding strains to test against melanoma, prostate and other cancer cells.

The grant of a cannabis research cultivation permit is an important step forward for MGC in Australia as we continue to broaden the potential application of our phytocannabinoid derived medicinal products.

Importantly, the permit also allows the company to collaborate with other establishments to not only improve existing genetics, but also create new genetics for the Australian market.

As a result of the research permit approval, MGC Pharma says it will be able to register its research in Australia, which can be used in future collaborations if required.

Last week the company was granted an import licence by the AODC that enables MGC Pharma to source medicinal cannabis products directly from its overseas production facilities.

According to the company, the licence will lead to significant import cost savings and allows its Australian operations to import schedule 4-prescription only medication and schedule 8-controlled drug products into the country from the company’s Slovenian manufacturing operations.

As part of a global coronavirus task force set up by the World Health Organisation, in human clinical trials in Israel and India, MGC Pharma is testing its natural supplement “ArtemiC” on patients infected with COVID-19 as a possible treatment for the virus.

NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine, or drug.

Is your ASX listed company doing something interesting? Contact: matt.birney@wanews.com.au

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