Bio-pharma company MGC Pharmaceuticals Ltd (ASX: MXC) has signed a distribution agreement for its EU GMP cannabinoid medicines with leading UK medical cannabis provider, LYPHE Group Limited.
Executive Chairman, Brett Mitchell, said the Agreement provides MGC Pharma direct access to LYPHE’s established distribution channels into the growing UK market for medical cannabis products.
MGC Pharma has already received an initial purchase order from LYPHE for 900 units of MXC’s affordable Mercury Pharma medicine line of products. This is a direct shipment sale and not consignment stock, indicating the immediate patient demand from the LYPHE network.
Under the Agreement, LYPHE will prescribe and dispense Mercury Pharma medicinal cannabis products under LYPHE labels, to patients at its clinics, while reporting real-world anonymised data investigating efficacy, safety, quality of life, and patient-reported outcomes to MGC Pharma. There are no minimum order volumes under the distribution agreement executed.
LYPHE’s recent collaboration with Eaststone Ltd provides MXC with access to one of the UK’s leaders in the supply of unlicensed medicines, currently serving over 700 physical pharmacy locations across the UK. Based in the North West of England with an excellent reputation for service and quality, Eaststone Ltd has strong connections to a network of independent pharmacies across the country making it the ideal partner for the LYPHE Group and MXC products.
Mr Mitchell said the size of this first commercial order from LYPHE is the largest single order for MGC Pharma into the UK to date.
“It is strategically important for MXC as it demonstrates a valuable commercial channel into the UK and represents a key step towards MXC’s goal of serving growing patient demand for medicinal cannabis in the UK, which is forecast to be a large market for cannabinoid medicines.”
He said this latest distribution agreement and new product order place MXC in a strong position to achieve its stated target of 5,000 prescriptions per month by Q1 2021.