Listed medicinal cannabis company MGC Pharma (ASX: MXC) has reached another milestone in its mission to become a world-leading pharma company with the release of its new epilepsy drug.
Called CannEpil, the drug is now available for supply in Australia through specialist prescribers under the Authorised Prescriber Scheme.
Authorisation has been granted by the Therapeutic Goods Administration (TGA), and follows Human Research Ethics Committee endorsement from St Vincent's Hospital Melbourne for the use of CannEpil in the treatment of adult patients with drug-resistant epilepsy.
MGC will now commence commercial-scale production of CannEpil at its facility in Slovenia, which will finally kickstart revenue generation for the company's core pharma activity.
The first batch of CannEpil is expected to be available for sale in Australia by December 2018 and will be distributed under the agreement with specialist Australian pharmaceutical distributor HL Pharma.
MGC co-founder and managing director Roby Zomer says the approval is a milestone for the company.
"We are delighted to announce the availability of our first product CannEpil for supply under the Authorised Prescriber Scheme," says Zomer.
"This is a significant achievement for us and we are very excited at the prospect of ramping up production to a commercial scale and bringing CannEpil to Australia."
"This important step validates MXC's seed-to-pharma strategy with the start of commercial revenues from our first Investigational Medicinal Product offering."
Epilepsy Action Australia chief executive officer Carol Ireland says the availability of the drug will be life-changing for sufferers of epilepsy in Australia.
"This is a significant milestone for epilepsy patients and other patient communities," says Ireland.
"It is another important step in improving access to potentially life-changing medications, and part of a global trend to recognise the valid medical benefits of cannabis."
"As advocates of patient rights, we are pleased to see progress, and a sign that patient needs and wants are heard and respected. We believe that Australia has a chance to lead the way in this global shift and we are proud that the epilepsy community and Epilepsy Action have played a significant part in bringing this about."subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support