MGC Pharmaceuticals epilepsy product added to Primary Care Reimbursement Service making it free of c
MGC Pharmaceuticals Ltd’s (ASX:MXC) (LSE:MXC) (OTCMKTS:MGCLF) cannabis-derived epilepsy product CannEpil® has been added to the Primary Care Reimbursement Service (PCRS) in Ireland which makes it free of charge for patients prescribed the treatment.
The investigational medicinal product is already part of Ireland’s Medicinal Cannabis Access Programme (MCAP) and is now fully subsidised for Irish patients who have been prescribed the treatment under the scheme.
This subsidy decision follows an earlier approval for CannEpil, secured in December last year, which greenlit the product’s distribution and prescription in Ireland.
CannEpil is one of the first European Union Good Manufacturing Practice-certified, pharmaceutical-grade cannabis medicine products approved for prescription in Ireland under the MCAP and the PCRS, which is part of Ireland’s Heath Service Executive (HSE).
“A key moment”
MGC Pharmaceuticals co‐founder and managing director Roby Zomer said: “This is a key moment for MGC Pharma and for the Irish patients who can now receive cannabis‐based treatments covered by the National Health Insurance.
“Furthermore, this is a critical moment in the rollout of CannEpil both in Ireland and worldwide.
“Our goal is to improve the lives of people who suffer with refractory epilepsy and other indications, and by making CannEpil available free to access for patients in Ireland, this will now be the case.
“With further clinical trials of CannEpil underway, we hope to be able to increase the supply and availability of the medicine in the most affordable way to epilepsy sufferers globally in the near future.”
MGC’s epilepsy product was first introduced to Ireland’s registrar in 2019 under the MCAP.
Essentially, the phytocannabinoid-derived product utilises a high-CBD, low-THC formula to combat drug-resistant epilepsy. It is currently being prescribed to treat the condition in Australia and the UK.
In Ireland, CannEpil will be available free of charge to patients under the Long‐Term Illness Scheme, GMS (Medical Card) Scheme and the Drugs Payment Scheme.
More broadly, medical professionals in Ireland can prescribe CannEpil for patients under their care for a range of medical conditions in addition to Epilepsy.
Other indications that the product has already been prescribed for include anxiety, chronic pain, insomnia, PTSD and Parkinson’s disease, all under cannabis access schemes.
Medicines deliver record monthly revenue
In conjunction with today’s announcement, MGC revealed that sales revenue from its phytocannabinoid-derived products hit a fresh peak in May, with the medicines bringing in more than $360,000 last month.
Speaking to the result, Roby said the record sales progressed MGC’s overall goal, “building a strong and sustainable global bio‐pharma business”.
New company secretary
MGC has also announced some changes to its executive team, with former company secretary Nadine Barry tendering her resignation and moving into the corporate secretary position at MGC.
The official resignation comes after the company announced Barry’s successor last week. On June 9, the company announced it had appointed David Lim as company secretary with immediate effect.
David is a finance and corporate governance professional with more than 15 years of experience working for ASX Listed companies.
Managing director Roby Zomer said: “David joins MGC Pharma at an exciting time for the business, as we make significant progress on clinical trials across our product line, most notably with the stage III trials of CimetrA™.
“We all look forward to working with David and to utilising his previous experience in other listed businesses in Australia.”