The MGC Pharmaceuticals Ltd’s [ASX:MXC] cannabis-derived epilepsy product is set to be fully covered by the HSE in Ireland.
MGC share price is up 2.5% on the news at the time of writing.
Today’s positive announcements comes after the MXC stock slumped 15% this month, continuing a recent slide that has seen MXC trade 60% below its 52-week high.
Despite the sell-off precipitated in February, MGC Pharmaceuticals is still up a handsome 104% over the last 12 months.
MXC product added to primary care reimbursement in Ireland
MXC — a biopharma company developing phytocannabinoid derived medicines — today announced that the HSE would fully cover CannEpil in Ireland for full patient cost rebates.
CannEpil is the company’s cannabis-derived Investigational Medicinal Product (IMP).
The European Parliament and Council of the European Union define an IMP as:
‘A pharmaceutical form of an active substance or placebo being tested or used as a reference in a clinical trial, including products already with a marketing authorisation but used or assembled (formulated or packaged) in a way different from the authorised form, or when used for an unauthorised indication, or when used to gain further information about the authorised form.’
CannEpil was added to the Primary Care Reimbursement Service in the Republic of Ireland as part of the Medicinal Cannabis Access Programme (MCAP).
Irish patients prescribed CannEpil as part of their treatment can access the product free of charge under MCAP.
CannEpil is a phytocannabinoid derived IMP designed to treat drug-resistant epilepsy.
Phytocannabinoid is a fancy term for any cannabinoid derived from the cannabis plant.
The most abundant phytocannabinoids found in the cannabis plant are tetrahydrocannabinol (commonly referred to as THC) and cannabinoid (CBD).
THC is responsible for the psychoactive effects popularly associated with cannabis, while CBD is non-psychoactive.
CannEpil is designed to treat drug-resistant epilepsy with a high CBD, low THC formula.
The treatment is an approved product for medical use, with MXC reporting CannEpil will be available free of charge to patients under the Long-term Illness Scheme, GMS (medical card) Scheme, and the Drugs Payment Scheme on a named patient basis.
Medical professionals in Ireland can prescribe CannEpil for patients directly under their care for a ‘range of medical conditions in addition to epilepsy.’
MXC mentioned that the product was already prescribed for anxiety, chronic pain, PTSD, and Parkinson’s disease.
MGC Pharmaceuticals pointed out that more than 50 million people suffer from epileptic seizures, with treatment-resistant epilepsy affecting about 33% of adults and 20% of children already suffering from the condition.
In Ireland, MXC estimates the epilepsy patient population to be about 37,000.
MXC Share Price ASX outlook
The recent CannEpil developments have helped MXC deliver what it called its best monthly revenue to date for the month of May.
MXC reported monthly sales revenue of $360,000 from its core phytocannabinoid business.
For reference, MXC reported receipts from customers worth $505,000 for the quarter ended 31 March 2021.
The May revenue figure prompted the company to state it is ‘well-positioned to continue the growth of the commercial side of the business through H2 2021 in line with its core business milestones.’
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