At the time of writing, shares of MGC Pharmaceuticals Ltd [ASX:MXC] are up 4.55% to trade at 2.3 cents.
The cannabinoid-based pharmaceuticals company recently announced the launch of a new app: CannEpil.
What’s happening at MGC Pharmaceuticals?
MGC Pharmaceuticals labels its strategy ‘Nature to Medicine’.
Specifically, this strategy is based around the ‘development of drug delivery systems for cannabinoid-based products for cancer using nanotechnology targeting the CB2 receptors to control angiogenesis and inflammation.’
Today, MGC Pharmaceuticals in conjunction with their collaboration partner Royal Melbourne Institute of Technology (RMIT) have launched an app — CannEpil.
The app aims to provide access to the International Library of Cannabinoids to medical professionals. Along with collecting patient data — whilst under the supervision of a medicinal practitioner — with the goal of further evaluating the usage, dosage, and efficacy of CannEpilTM as a treatment.
The usage of cannabinoids is expanding rapidly in mainstream medical usage, with the global market expected to reach $44 billion by 2024.
With this in mind, an app that can be globally used and give access to the growing body of information and learnings could prove valuable to the medical community and MGC Pharmaceuticals.
Where to from here for MGC Pharmaceuticals?
At present the company holds a market cap of $36.1 million, and with the expected growth in the cannabinoid market, the company could be able to reverse the slide if they get more products to market.
The MXC share price has moved sideways over the last month or so before popping up to its current level. If the increase can continue, then the levels of 2.5 and 3 cents may provide future resistance.
Should the price decline, then the level of 2 cents may be enough to halt a further fall.
For Money Morning
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