MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC), a developer of plant-based treatments, said it is ‘extremely well placed’ to deliver products across the EU and globally after hitting a number of operational and quality milestones.
Specifically, it said the processing upgrade to its Slovenian facility has been completed, increasing daily capacity by 200%.
At the same time, an EU Good Manufacturing Practice (GMP) audit for the operation has been carried out that resulted in approval to re-commence output. Formal certification is expected next month.
In an update, investors were told a GMP audit of MGC's new Maltese plant has ‘satisfied all key audit requirements’, and is expected to be formally ratified early next year.
Its supply and distribution agreement with a company called Sciensus Rare has been expanded to include new European markets, and Middle Eastern territories, the company said.
This, it added, would increase the potential market for CannEpil, a cannabis-derived treatment of epilepsy, and CogniCann, being developed for dementia.
“What is clear from our discussions with both Sciensus Rare and AMC Holdings, is that demand for our products is strong, and it is important that the business is well positioned to service this demand, both in terms of our production capacity, and the progress of our products through the clinical pipeline,” said MGC managing director Roby Zomer in a statement.