MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has been given the greenlight to develop and research new medicines in Europe with psychedelic compound psilocybin.
The Slovenian Ministry of Health has opened the door for the dual-listed pharmaceuticals stock to investigate the psychedelic compound’s physical and chemical properties and develop pharmaceutical forms suitable for administration.
MGC can also provide development and compounding services to companies dealing with psilocybin that wish to have a medicine in the market.
In essence, the greenlight brings MGC one step closer to bringing clinical psychedelic innovations to the pharmaceutical industry.
The company is one of the first companies to obtain permission to undertake pharmaceutical research on psilocybin and the first in Slovenia.
Approval provides first-mover advantage
MGC managing director and CEO Roby Zomer said: “We are pleased to have obtained permission from the Slovenian Ministry of Health to undertake pharmaceutical research with psilocybin, which puts the company at the forefront of experimental, pharmaceutical research.
“We are extremely grateful to the Slovenian Health Ministry for enabling us to utilise our research expertise in this area.
“Whilst we continue to focus on our core development pipeline of CimetrA® and CannEpil®, we look forward to working with other pharmaceutical partners to establish the properties of psilocybin and demonstrate how it could be used to develop medicines to treat people with debilitating conditions.”
Delivering phytomedicines to global markets
MGC is a European pharmaceutical company, focused on developing and supplying accessible and ethically produced plant-inspired medicines.
In a nutshell, the company aims to combine in-house research with innovative technologies, all with the goal of finding or producing treatments for unmet medical conditions.
The company’s founders and executives are key figures in the global pharmaceuticals industry, mandated to develop and supply high-quality treatments to meet growing demand across major medical markets.
MGC Pharma is advancing a robust development pipeline, targeting two widespread medical conditions with its CimetrA®, CannEpil® and additional drug candidates. Some of the conditions the company is investigating medicines for include epilepsy, dementia, COVID-19 and cancer.
The pharmaceuticals stock has a growing patient base in Australia, the UK, Brazil and Ireland, while its commercial partners and global distriabution footprint mean it is poised to supply leading pharmaceutical markets like the US and Europe.