MGC Pharmaceuticals has received a Government grant to support its research and development work relating to phyto-cannabinoid derived medicines to treat the symptoms of dementia and Alzheimer's.
The ASX listed biotech company has received its first $25,000 payment in the form of an Australian Government “Innovation Connection Grant” to support its research and development efforts.
This money will support a clinical trial for the company's CogniCann® product that is being run in conjunction with the University of Notre Dame in Western Australia.
The trial will assess human patients’ symptoms associated with dementia and Alzheimer’s disease in a controlled “double-blind” placebo trial.
According to the Australian Bureau of Statistics, dementia is the second leading cause of death in Australians and during 2018, it was estimated to cost the country more than $15 billion. By 2056, the total cost of dementia is predicted to increase to more than $36.8 billion, according to Dementia Australia.
Worldwide, every three seconds, someone is diagnosed with dementia, according to Alzheimer’s Disease International, which means that MGC will have a serious addressable market if it’s cannabis-based medicinal products can have an impact on this debilitating disease.
Australian Government’s appear to be taking notice of the potential medicinal benefits of cannabis-based products now with W.A Health Minister, Roger Cook, revealing that the McGowan Government, effective immediately, will allow GP’s to prescribe medicinal cannabis to a wide range of patients.
If MGC’s CogniCann® trial is successful and it reduces or eliminates the debilitating symptoms associated with Alzheimer’s and dementia, such as confusion, reduced concentration and depression, the company could possibly make a big impact on the quality of life for a lot of Australians and potentially make some serious money along the way.
Roby Zomer, co-founder and Managing Director of MGC Pharma, said:“This is an important display of support from the Australian Government and recognition for the high-level research and development capabilities of MGC Pharma in partnership with the University of Notre Dame.
CogniCann® has the potential to significantly alleviate the symptoms of those suffering from dementia and Alzheimer’s disease and I look forward to updating shareholders on the progress of the Phase IIb clinical trial in due course.”
Meanwhile, MGC is progressing its potential listing on the London Stock Exchange that has been advancing as planned during November.
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.
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