MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has executed a binding share purchase agreement (SPA) to acquire 40% of ZAM Software Limited (ZSL), a UK-incorporated entity and the owner of a proprietary artificial intelligence data gathering software called the ZAM Medical Data App.
Under the terms of the agreement, the company will issue £700,000 in MGC shares in consideration for the acquisition with the balance of ZSL owned by software development company Caba Tech, co-developers of the application.
The investment in ZSL’s AI software is critical to the company’s plans for an accelerated rollout and commercialisation of the ZAM Medical Data App for use across pharmaceutical and health care sectors.
Looking ahead, MGC believes the integration of this learning AI algorithm could be revolutionary in the health sector, positioning the ZAM App far ahead of market peers.
AI learning and functionality
The ZAM App is designed to provide tailored medical information to the patient alongside their health practitioner, increasing the real-time efficiency of patient care in the healthcare system.
The app will be launched in two phases, firstly through a closed launch to collect data from 100 patients enrolled through MGC Pharma’s Australian telehealth business, Medicinal Cannabis Clinics (MCC).
In time, the ZAM App and its associated AI machine-learning capability, will help predict potential intra-treatment side effects, and generate statistics to measure aggregate and holistic treatment outcomes.
Through its AI learning and functionality, the ZAM app offers the possibility of personalising medication, not just with cannabis-based products, but with all patient treatments and pharmaceutical drugs.
About MGC Pharma
MGC Pharmaceuticals is a European-based bio-pharma company developing and supplying affordable standardised phytomedicines to patients globally.
The company’s founders were key figures in the global medical cannabis industry and the core business strategy is to develop and supply high-quality phytocannabinoid-derived medicines for the growing demand in the medical markets in Europe, North America and Australasia.
MGC has a robust product offering targeting two widespread medical conditions – epilepsy and dementia – and has further products in the development pipeline.
Employing its ‘Nature to Medicine’ strategy, MGC Pharma has partnered with renowned institutions and academia to optimise the cultivation and development of targeted phytocannabinoid derived medicines products before production in the company’s EUGMP-certified manufacturing facility.