MGC Pharmaceuticals (ASX:MXC) has been granted a cannabis cultivation research licence, allowing it to cultivate cannabis for research purposes at is Melbourne facility.

AT A GLANCE

  • MGC Pharma and strategic partner RMIT have been granted a cannabis cultivation research licence by the Australian Office of Drug Control (ODC)
  • Allows MGC and RMIT to cultivate cannabis for use in research, funded by MGC, with all intellectual property to be owned by MGC
  • MGC will seek patents for all intellectual property resulting from planned botanical and pre-clinical research

MGC applied for the licence in September 2017, and told the market today that it had received it, authorising it and RMIT to cultivate cannabis for research purposes. However it must wait for a cannabis research permit to commence cultivation, which MGC “anticipates in the near-term”.

Planned botanical and pre-clinical — in animals, rather than humans — research will focus on the optimisation of breeding and cultivating processes and extracting material to assess the efficacy on prostate, melanoma and other cancer cells.

RMIT and MGC signed a collaboration deal in 2017 for medicinal cannabis research initiatives in Australia, with the aim of establishing a world-first library of cannabis medicine.

The focus on cancer delivers another indication for the company, which currently has drugs available for the treatment of epilepsy and dementia in certain jurisdictions.

“Research and development are key components of our company and this agreement is a further validation and recognition of our strength in this area. It enables us to expand our pharma research agenda in Australia alongside the research being conducted in our facility in Ljubljana, Slovenia,” Roby Zomer, founder and managing director of MGC Pharmaceuticals, said.

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About MGC Pharmaceuticals

MGC Pharmaceuticals Ltd (ASX: MXC) is a European-based seed-to-pharmacy biopharma company with many years of technical clinical and commercial experience in the medical cannabis industry.

The company’s founders were key figures in the global medical cannabis industry and the core business strategy is to develop and supply high quality cannabinoids-based pharmaceuticals products for the growing demand in the medical markets in Europe, North America and Australasia.

 

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.