European CPNP Approval Granted for Derma Products • Formal approval received from the European Cosmetics Products Notification Portal (CPNP) for registration of its cannabidiol (CBD) based dermatological skin care products • Three new dermatologicly CBD based skin care products have been designed specifically for the relief of of acne, psoriasis and seborrhoea skin conditions • Registration follows the successful completion of its safety assessment, which included skin patch tests on 30 human volunteers • Final three-month clinical efficacy tests on human volunteers to commence at a dermatological clinic in Slovenia by the end of January 2017 • Establishes second reveunue stream for MGC Derma in 2017 through new dermatological skin care product line
MGC Pharmaceuticals Ltd (ASX: MXC or “the Company”), is pleased to confirm it has received the European Cosmetics Products Notification Portal (CPNP) approval for the registration of its three CBD based dermatological products for the relief of acne, psoriasis and seborrhoea skin conditions. This successful CPNP registration follows the recent completion of the required safety assessments and human skin patch testing on 30 human volunteers, allowing the Company to enable it to progress to CPNP approval as a dermatological tested product label in the European Union. The development of a dermatologically tested CBD skin care product range is a key priority for the Company, given the significant commercial opportunity that CBD based dermatological skin care products represents globally. Final Phase Testing in January 2017 to Fast Track Commercial Rollout The Company has entered the final phase of testing prior to production of its CBD based dermatological skin care products that have the potential to provide relief for a variety of skin conditions including acne, psoriasis and seborrhoea. MGC Pharmaceuticals aims to market these dermatological products to consumers who will be able to purchase them from anywhere around the globe via the MGC Derma online shop, or select retail outlets and pharmacy chains.
MGC Pharmaceuticals is moving to clinical tests on human volunteers in January 2017 that will take place at a Slovenian dermatology clinic to determine the efficacy of its dermatological product range. This is a three month clinical trial on human volunteers across its 3 CBD based dermatological products to investigate their efficacy for the relief of indications of redness, dryness, flake skin, acneic and oily skin in human volunteers, which have the symptoms of psoriasis, acne and seborrhoea conditions. MGC Pharmaceuticals now expects to commence these final phase clinical tests in Slovenia by the end of January. MGC Derma’s Second Revenue Stream to Start in 2017 The development of a dermatological skin care products range complements the Company’s existing CBD based cosmetics product range, under its recently rebranded MGC Derma brand, and therefore represents an additional revenue stream for the Company. MGC Pharmaceuticals aims to distribute these products in the near future via the recently relaunched MGC Derma online shop (mgcderma.com) and select European retail outlets and pharmacies. Nativ Segev, Co-founder and Managing Director, MGC Pharmaceuticals commented: “Receiving European CPNP approval for our new dermatological products is another crucial step forward on the path to generating significant revenues from our MGC Derma Skin Care product range, with these new dermatology tested products to be used for the relief of psoriasis, acne and seborrhoea skin conditions. This is potentially a huge global market that we intend to start selling into this year.” “With this crucial European approval now granted for MGC Derma, we are now commencing the clinical tests to validate the efficacy of the products. Not only will these tests build on the safety evidence we already have for the productsto start commercial sales, but they will help us shape a strong efficacy-based consumer marketing program that communicates the benefits of our cannabidiol dermatological products for skin care.”
-- Ends -- 3 - 3 For further information, please contact: Media Enquiries Ben Grubb Account Director Media and Capital Partners +61 414 197 508 [email protected] MGC Pharmaceuticals Ltd Brett Mitchell Executive Chairman +61 8 9389 2000 [email protected] About MXC MGC Pharmaceuticals Ltd (ASX: MXC) is an EU based specialist medical cannabis company with many years of technical and commercial experience in the medical cannabis industry. The Company’s founders were key figures in the Israeli medical cannabis industry and the core business strategy is to develop and supply high quality Cannabinoids resin extract for the growing demand in cosmetics and medical markets in Europe, North America and Australasia. The Company is also developing strategic joint ventures in these key value add industries, as demonstrated with MGC Derma CBD cosmetics.
MXC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
(20min delay)