MGC Pharmaceuticals Shares Lift on Landmark UK Import Permit (ASX:MXC)

The MGC Pharmaceuticals Ltd’s [ASX:MXC] CannEpil+ product to treat refractory epilepsy has been granted approval for UK import.

MGC Pharmaceuticals said this marks the first time an epilepsy treatment containing THC and still undergoing clinical trials was approved by UK authorities for import.

The news saw MGC Pharmaceuticals Ltd’s [ASX:MXC] shares jump 10% at the time of writing.

ASX MXC - MGC Share Price ChartSource: TradingView.com

MGC Pharma stock has climbed almost 160% in the last 12 months.

Despite the significant gain, the firm is still down from its 13-cent, 52-week peak.

The question now is whether today’s positive announcement can send MGC’s share price back to its prior highs.

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Landmark UK import permit granted for CannEpil+

CannEpil+, based on MGC’s CannEpil, is a phytocannabinoid treatment for refractory or drug-resistant epilepsy.

MXC announced today that CannEpil+ was approved for UK import by the Medicine and Healthcare products Regulatory Agency (MHRA).

CannEpil+ has also been approved for prescription for patients in the UK.

CannEpil+ will initially be used to treat 10 patients in the UK suffering from refractory epilepsy, with MGC Pharma providing CannEpil+ free of charge to these patients for six months.

This is the first time that UK authorities have approved an epilepsy treatment still on a clinical pathway (Phase IIB) containing tetrahydrocannabinol (THC).

Roby Zomer, Co-founder and Managing Director of MGC Pharma, said:

The approval for the import of CannEpil+ to the UK and the associated compassionate prescriptions is an important step towards our global roll out of the treatment, and our continued commitment to patients.

Achieving MHRA approval has been an ongoing process for some time with our UK partner Elite Pharmaco, and we expect the first patients in the UK to begin treat with CannEpil+ in the coming months.

What next for MGC Pharma?

Today’s announcement follows MGC securing import approval in India for its proposed COVID-19 treatment as a final step in obtaining Emergency Use Authorisation for the treatment of patients with COVID‐19.

Last month, MGC also signed a US$24 million supply agreement with AMC Holdings for MGC phytomedicine products over three years, with a minimum of US$3 million within the first year.

These are positive developments, and it will be interesting to see whether they can spur momentum for the stock in the medium term.

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Regards,

Kiryll Prakapenka,

For Money Morning

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Kiryll Prakapenka is an investing autodidact who is passionate about conducting in-depth research on investments. Kiryll brings sound analytical skills to his work, courtesy of his Philosophy degree from The University of Melbourne. A student of legendary investors and their strategies, Kiryll likes to synthesise macroeconomic narratives with a keen understanding of the fundamentals behind companies.


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