MGC Pharmaceuticals - Reclassification of Psychedelic Compounds

Argent BioPharma

03/07/2023 07:00

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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  (#_ftn1) , 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 (mailto:info@mgcpharma.co.uk)                          info@mgcpharma.co.uk (mailto:info@mgcpharma.co.uk)
 UK Brokers                                                                  UK Brokers

 Peterhouse Capital                                                          Oberon Capital

 Charles Goodfellow / Lucy Williams / Duncan Vasey                           Aimee McCusker / Adam Pollock

 +44 207 469 0930                                                            +44 203 179 5300

 cg@peterhousecap.com (mailto:cg@peterhousecap.com) / lw@peterhousecap.com   aimeemccusker@oberoninvestments.com
 (mailto:lw@peterhousecap.com)                                               (mailto:aimeemccusker@oberoninvestments.com) adampollock@oberoninvestments.com
                                                                             (mailto:adampollock@oberoninvestments.com)
 UK IR/PR Advisers

 IFC Advisory

 Graham Herring / Tim Metcalfe / Zach Cohen

 +44 203 934 6630

 mgcpharma@investor-focus.co.uk (mailto: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  (#_ftnref1) Refer to announcement dated 3 April 2023

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