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MGC pharmaceuticals have achieved yet another milestone for itself. The biopharmaceutical company has recently reported the successful approval for a cannabis research cultivation permit. Australian Office of Drug Control granted this permit to MCG.
The grant follows the cannabis research license issued to MGC last year as well as a separate import license received last week. Moreover, they expect to accelerate the Australian operations of the company as it aims to market its business plan “culture to medicine.”
This permit is of prime importance to MGC Pharmaceuticals. The cannabis research cultivation permit enables the company to continue working on its botanical research products. These projects are in collaboration with the Royal Melbourne Institute of Technology.
These projects will be including the development and breeding of various strains with the ultimate aim of testing their tests against cancer cells in an attempt to improve the treatment of cancer.
MGC is hopeful that the new license, combined with the diligent input from RMIT, will enable the duo to ‘optimize efficacy’. The company also confirmed that their main focus would be melanoma and prostate cancers. The new strains will be tested for anti-cancer properties.
In a statement issued to the market, the company shed light on the importance of the permit. According to MGC, the permit will allow the company to register its genetics and research findings in Australia. Moreover, these findings will come in handy. Researchers can also leverage them to meet any future needs.
In addition, a vast database would allow MGC to collaborate with other establishments like itself. This would not only help the company in improving existing products, but it would also allow them to create new genetic products as well.
MGC is not only looking to make advancements in cultivation research. The company also plans on importing raw materials in bulk quantities as well. Subsequently, MGC would be able to make significant cost savings including lower handling and logistical costs.
Just last week MGC announced that the ODC also granted them an import license as well. This license enables MGC to by-pass third-parties like Health House International and Cannvalate. Meaning, MGC can directly import controlled drugs and prescription-only medication from its European production facility.
The company plans to import its cannabis medicinal products in bulk for packaging, distribution and sale across Australia through its trade channel partners.
The COVID-19 pandemic wreaked havoc on almost all business. While some were able to find shelter, many found it too difficult to even stay afloat. However, many companies just needed a pandemic to flourish their sales.
COVID-19 had a drastic impact on consumer behavior. A lot of businesses couldn’t keep up with this drastic change; however, some businesses saw an unforeseeable boom in their sales.
MGC is one of the companies that benefited from the pandemic. MGC’s Artemis went into phase-2 of its efficacy trial. The anti-inflammatory medicine has beneficial prospects in the treatment of COVID patients.
MGC is currently recruiting patients for a double-blind, placebo-controlled clinical trial in Aurangabad, India this month to determine the safety and efficacy of the spray.
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