MGC Pharmaceuticals (ASX:MXC) will soon begin the importation and sale of its medical cannabis treatment, CannEpil, in the United Kingdom.
The UK has granted CannEpil a Controlled Drug Import Licence permit and through its distribution network it will soon begin sales in the UK market.
The company also announced that it has signed a new distribution agreement with UK partner Lenis. Lenis will be responsible for the import of the first batch of CannEpil in the UK.
MXC says it has already received purchase orders in both the UK and Australia through its licensed distribution partners and expects deliveries of the product to fulfil the orders this month.
MXC imported it first batch of CannEpil into Australia earlier this year that will be distributed nationwide by specialist Australian pharmaceutical distributer HL Pharma.
The accelerated move into Europe follows MXC’s recent appointment of European capital markets and pharmaceutical expert, Dr Stephen Parker.
Another of MXC’s medical cannabis treatments includes CogniCann that has begun recruitment for its clinical trial in dementia and Alzheimer’s disease at the University of Norte Dame.
Its CannEpil treatment is also undergoing a clinical trial for epilepsy with the University of Ljubljana, Slovenia.
In Australia, CannEpil has been approved by the Therapeutic Goods Agency (TGA) as an Investigational Medicinal Product (IMP) under the Authorised Prescriber Scheme in Australia and can be prescribed to patients with drug-resistant epilepsy.
Permit approvals leading to expansion
Co-founder and Managing Director of MXC Roby Zomer was pleased with the receival of the permit in the UK, commenting that it “significantly expands the potential distribution of CannEpil into the UK.”
MXC also said in its announcement that it is in “advanced negotiations with Australian and UK licensed distribution partners, with formal binding distribution agreements expected to be signed in the next few weeks.”
“With first purchase orders from the UK and Australian licensed distribution partners already received, and new distribution deals expected to be signed in the coming weeks, our expanded distribution in Australia, Europe and the UK will mean we will be able to provide more patients in need with access to CannEpilTM and our other IMPs,” said Zomer.
The execution of such agreements would further expand MXC’s distribution channels and its reach into the European and Australian markets.
This content is produced by Star Investing in commercial partnership with MGC Pharmaceuticals. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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