- MGC Pharma (MXC) has now prescribed 1800 patients with its cannabis-based medicines
- This is an increase of more than 800 per cent since September
- The company has officially prescribed its first patients in Ireland after getting government approval in early December
- The company’s products are designed to treat epilepsy, mild neurological disorders, and even some forms of cancer
- MGC gained a slight 3.33 per cent today, with shares priced at 3.1 cents each at market close
MGC Pharma (MXC) has prescribed another 400 patients with its cannabinoid medicines since late November, bringing the total figure to over 1800.
The company said it is filling out 30 prescriptions per business day, and today’s announcement comes with another milestone moment — MGC has prescribed its medicine to patients in Ireland for the first time.
The Irish government approved MGC’s medicine for prescription earlier this month, and already the company has seen a 25 per cent increase in total prescriptions since then.
Company Co-founder and Managing Director Roby Zomer boasted about the company’s continued upward trajectory as it increased prescriptions by over 800 per cent since September.
“First prescriptions in Ireland signify another milestone for MGC as we expand our product offering to new territories and thereby gain access to more potential customers,” Roby said.
“I’m confident that in 2020 we’ll be able to deliver our phytocannabinoid derived medicines in even more jurisdictions as we continue to gain momentum,” he added.
The company’s products available for prescription are its CannEpil and MPX100 medicines.
CannEpil, which is a medicine with a higher ratio of cannabidiol (CBD) to tetrahydrocannabinol (THC), is taken orally and is designed to treat severe epilepsy. MPX100 is designed to treat mild neurological disorders, inflammation, and even some forms of cancer.
While an increase in prescriptions does not necessarily mean an increase in revenue — as prescriptions are not always filled — MGC insisted near-term revenue is rising along with prescriptions.
On top of this, the company said Ireland is a “very strategic” market in the light of some recent approvals into other EU member states.
MGC gained a slight 3.33 per cent today, with shares priced at 3.1 cents each at market close.