MGC Pharmaceuticals Ltd (ASX: MXC or “the Company”) has reported that it has signed a binding Heads of Agreement (“HOA”) with leading Australian specialist pharmaceutical wholesaler and distributor, HL Pharma Pty Ltd, to bring its adult medical cannabis epilepsy product, CannEpilTM, to Australian patients from early 2018. Under the terms of the binding HOA, a formal Definitive Agreement is to be finalised and executed between the parties within 14 days.
Under the arrangement, MGC Pharmaceuticals will leverage its existing relationship with Epilepsy Action Australia (EAA), established in September 2016, and its scientific board of advisors Prof Uri Kramer and Prof David Neubauer, to rapidly build an Australian patient market for the product through authorised prescribing doctors. The Company has already built links with an initial group of five doctors that have expressed an interest in prescribing the product, which will provide access to a starting a pool of more than 50 patients.
According to EAA, approximately 25,000 people are diagnosed with epilepsy each year and it is estimated that up to 240,000 Australians are currently living with epilepsy. MGC Pharmaceuticals’ CannEpilTM product is targeted for drug-resistant epilepsy (DRE), also known as refractory epilepsy, which accounts for approximately 30% of all epilepsy cases.
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