ASX-listed MGC Pharmaceuticals has partnered with the Slovenian Institute of Hop Research and Brewing, or “IHPS”, to carry out a ground-breaking, large-scale research project on the use of cannabis for medical purposes.
IHPS is a public research, developmental, advisory and educational organisation principally focussed on research and advice in growing plants.
The two parties were granted a first of its kind approval by the Slovenian Government to carry out research on the cultivation of cannabis for medical purposes, which MGC expects to lower its production costs.
The research will also seek to standardise the process for isolating and extracting an active pharmaceutical ingredient of various phytocannabinoids for use in the development of medicinal products.
Management said that research would focus on the positive and negative selection of various genotypes in the cannabis plant to extract an active pharmaceutical ingredient for use in the development of a medical product.
The project will be carried out at IHPS’ large-scale secure facility, which includes a quarantine base for the cultivation of various strains of cannabis for medical purposes for use in pharmaceutical manufacturing, in addition to a controlled storage facility.
MGC Managing Director Roby Zomer said: “The objective of the research project is twofold – the optimisation of cultivation techniques and the isolation of an active pharmaceutical ingredient from the cannabis plant that can be utilised in the future development of medical products by the company …”
“This furthers MGC’s agenda of working to create cutting edge, cost-effective standardised medicines to treat underserved indications around the world, and to maintain our position as market leaders in research and tapping the full emerging potential of diverse phytocannabinoids as active pharmaceutical ingredients.”
MGC recently raised $4.75 million through a share placement priced at 4 cents per share to fund its ongoing production operations, sales of pharmaceutical-grade cannabinoid derived medicines and initial construction works on its Malta Good Manufacturing Practice Pharma facility.
The company has also inked a milestone lease for a 6,000 square metre site to house its fully-integrated, multi-storey Malta facility, which will have 15,000 square metres of floor space available for the cultivation and manufacture of cannabinoid-derived medicines for global distribution.
This facility will be capable of producing over 8,000 units of each MGC pharmaceutical product per hour, which is a material production volume for the pharmaceutical industry, according to the company.
NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine or drug.
By Matt Birney
