MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has welcomed Australia's decision to authorise the prescription of psychedelic compounds for the treatment of depression and post-traumatic stress disorder (PTSD).
Australia is now the first country to take this step, with the changes coming into effect on July 1, 2023.
The regulatory change by Australia's Therapeutic Goods Administration (TGA) reclassifies MDMA and Psilocybin, a naturally occurring psychedelic compound found in specific fungi and mushrooms, as medicinal substances for some complex mental health conditions.
This change permits patients suffering from depression and PTSD to access these medicines under the supervision of accredited Australian physicians.
Pioneer in the field
The changes feed into MGC Pharmaceuticals’ goal to become a significant player in the pioneering field of psychedelic research and development. This aim was further strengthened when, on April this year, the company received approval from the Slovenian Ministry of Health for scientific research developments related to Psilocybin.
As a result of these regulatory advancements, MGC can now provide accurate, pharmaceutical-grade products, reinforcing its commitment to meeting stringent industry standards. Furthermore, the company intends to leverage its existing distribution channels to increase Psilocybin sales in Australia, aiming to provide this treatment option to patients in need.
"We are excited by the new regulation that enables psychedelics to be prescribed to patients in Australia,” MGC Pharma managing director and CEO Roby Zomer said.
“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.”