MGC Pharmaceuticals Ltd (ASX:MXC) is today commencing production of its first batch of CannEpil at its European medicinal cannabis facility.
CannEpil is MXC’s first pharmaceutical-grade medical cannabis product targeting people with drug-resistant epilepsy.
Good Manufacturing Practice certification
Production was able to start at the manufacturing facility thanks to the receipt of its interim Good Manufacturing Practice (GMP) certification.
Once the first batch is produced, it will be inspected by the GMP regulatory body.
This is the final regulatory process before full GMP certification can be granted to MGC’s European manufacturing facility.
Expected to generate over $1 million in annual sales in the Australian market
Once the distribution of CannEpil commences, it is expected to generate more than $1 million in annual sales in the Australian market in its first year.
This estimate is based on the near-100 patients already registered but the Australian market opportunity for MGC is much larger.
MGC estimates 72,000 people are diagnosed with drug-resistant epilepsy in Australia.
MGC’s co-founder and CEO Roby Zomer said: “The production of our first CannEpil batch is a milestone, and leaves us well positioned to achieve certification and commence full-scale commercial production in the next few months.”