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- MGC Pharmaceuticals (MXC) has been granted a Cannabis Research Cultivation Permit from the Australian Office of Drug Control
- MXC is undertaking research in collaboration with RMIT University to find novel cannabinoids which exhibit anticancer properties
- The permit will enable the collaboration to proceed with the cultivation and breeding of new strains to find potential treatments
- The approval will also allow MXC to register its findings in Australia, bolstering the company’s intellectual property claims and catalysing collaboration with other Australian researchers
- The granting of the permit allows MXC to step into a new phase in the research and development of cannabinoids for use in therapeutic settings
- MGC Pharmaceuticals is trading grey at Tuesday’s close, with shares steady at 2.3 cents each
MGC Pharmaceuticals (MXC) has been granted a Cannabis Research Cultivation Permit (CRCP) from the Australian Office of Drug Control (ODC).
Homegrown
MXC is undertaking research in collaboration with RMIT University to find novel cannabinoids which exhibit anticancer properties.
The permit will enable the collaboration to proceed with the cultivation and breeding of new strains to find potential treatments.
The approval will also allow MXC to register its findings in Australia, bolstering the company’s intellectual property claims and catalysing collaboration with other Australian researchers.
New highs
The permit will allow MXC to further focus its search for cannabinoids which have therapeutic anticancer properties.
By being able to selectively cultivate unique strains, MXC will potentially be able to create cultivars with high yields of targeted cannabinoids.
So far, the company has specifically targeted treatments for melanoma and prostate cancer.
With the new cultivation permit, MXC may be able to create novel proprietary strains for those conditions, or to license new strains with other properties to other companies and researchers.
Either way, the permit allows MXC to step into a new phase in the research and development of cannabinoids for use in therapeutic settings.
Co-Founder and Managing Director of MGC Pharma, Roby Zomer, says the cultivation permit will allow MXC to broaden its research and commercial bases.
“The grant of a cannabis research cultivation permit is an important step forward for MXC in Australia as we continue to broaden the potential application of our phytocannabinoid derived medicinal products,” Roby said.
“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,” he added.
MGC Pharmaceuticals is trading grey at Tuesday’s close, with shares steady at 2.3 cents each.
