MGC Pharmaceuticals signs HOA for cannabis epilepsy product

Company News

by Jessica Ellerm

MGC Pharmaceuticals Limited (ASX:MXC) has signed a Heads of Agreement with wholesaler and distributor HL Pharma Pty Ltd to bring its adult medical cannabis epilepsy product CannEpilTM to market in early 2018.

CannEpilTM is an adult medical cannabis product targeting drug-resistant epilepsy, which accounts for 30 per cent of all epilepsy cases.

The deal is set to deliver significant medical cannabis revenues to MGC, with the company forecasting approximately $1 million in 2018 from less than 100 patients already registered.

MGC will leverage its relationship with Epilepsy Action Australia to build an Australian patient market for the product through authorized prescribing doctors.

The company has indicated a definitive agreement will be finalized and executed with 14 days of the signing of the HOA

Shares in MGC Pharmaceuticals Limited (ASX:MXC) are trading 11.76 per cent higher at $0.08.

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