MGC Pharmaceuticals Limited Reclassification of Psychedelic Compounds (7152E)
July 03 2023 - 2:00AM
UK Regulatory
TIDMMXC
RNS Number : 7152E
MGC Pharmaceuticals Limited
03 July 2023
MGC Welcomes Australia's Reclassification
of Psychedelic Compounds
3 July 2023
ASX/LSE: MXC
MGC Pharmaceuticals Ltd ("MGC Pharma", "MGC" or the "Company") a
European based pharmaceutical company specialising in the
production and development of plant inspired medicines, is pleased
to welcome the new regulation in Australia making it the first
country to allow psychiatrists to prescribe psychedelics to
patients with depression or post-traumatic stress disorder
(PTSD).
Effective from 1st of July 2023, MDMA and Psilocybin have been
reclassified as medicines for some complex mental health
conditions. Authorities in Australia have now placed the two drugs
on the list of approved medicines by the Therapeutic Goods
Administration, allowing patients suffering from depression and
PTSD to access them under the care of authorised Australian
physicians. As previously announced [1] , MGC Pharmaceuticals
recently received permission from the Slovenian Ministry of Health
to undergo scientific research developments of Psilocybin, a
naturally occurring psychedelic compound found in a variety of
fungi and mushrooms.
Following the latest regulatory advancements, MGC has positioned
itself as a key player in pioneering psychedelic research and
development and as a result, the Company is now able to offer
accurate, pharmaceutical-grade products. Additionally, MGC will
look to expand sales in Australia through the Company's existing
channels to provide Psilocybin to those in need of treatment.
Roby Zomer, Managing Director and CEO of MGC Pharma, commented :
" We are excited by the new regulation that enables psychedelics to
be prescribed to patients in Australia. MGC has positioned itself
at the forefront of this industry with its ability to reach
patients in need via companies dealing with Psilocybin and backed
by pharmaceutical standards."
-Ends-
Authorised for release by the Managing Director, for further
information please contact:
MGC Pharmaceuticals Ltd MGC Pharmaceuticals Ltd
Roby Zomer Arron Canicais / Rowan Harland
CEO & Managing Director Joint Company Secretaries
+61 8 6555 2950 +61 8 6555 2950
info@mgcpharma.co.uk info@mgcpharma.co.uk
UK Brokers UK Brokers
Peterhouse Capital Oberon Capital
Charles Goodfellow / Lucy Williams Aimee McCusker / Adam Pollock
/ Duncan Vasey +44 203 179 5300
+44 207 469 0930 aimeemccusker@oberoninvestments.com
cg@peterhousecap.com / lw@peterhousecap.com adampollock@oberoninvestments.com
UK IR/PR Advisers
IFC Advisory
Graham Herring / Tim Metcalfe
/ Zach Cohen
+44 203 934 6630
mgcpharma@investor-focus.co.uk
About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based
pharmaceutical company, focused on developing and supplying
accessible and ethically produced plant inspired medicines,
combining in-house research with innovative technologies, with the
goal of finding or producing treatments to for unmet medical
conditions.
The Company's founders and executives are key figures in the
global pharmaceuticals industry and the core business strategy is
to develop and supply high quality plant inspired medicines for the
growing demand in the medical markets in Europe, North America and
Australasia.
MGC Pharma has a robust development pipeline targeting two
widespread medical conditions and has further products under
development.
MGC Pharma has partnered with renowned institutions and academia
to optimise the development of targeted plant inspired medicines,
to be produced in the Company's EU-GMP Certified manufacturing
facilities.
MGC Pharma has a growing patient base in Australia, the UK,
Brazil and Ireland and has a global distribution footprint via an
extensive network of commercial partners meaning that it is poised
to supply the global market.
Follow us through our social media channels:
LinkedIn: MGC Pharmaceuticals Ltd.
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
Instagram: @mgc_pharma
[1] Refer to announcement dated 3 April 2023
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