MGC Pharmaceuticals secures funding as epilepsy treatment made available in the UK
MGC entered into a binding term sheet with Cantheon Capital, which will fund a phase 2b trial of CannEpil, a drug candidate targeting treatment-resistant epilepsy. Cantheon agreed to invest up to £629,775 in tranches to take the asset through the study.
The trial, being conducted in Australia, enables the company to claim up to a further £1.1 million via a 43.5% non-dilutive Australian Federal R&D government rebate.
Roby Zomer, CEO and Managing Director of MGC Pharmaceuticals, commented: "This fundraise will provide MGC Pharma with the capital required to continue the excellent progress we have made advancing our clinical pipeline.
"We see it as a vote of confidence in both our clinical pipeline and our strategy, which we continue to progress, most recently with the listing of ArtemiC as an OTC product by the FDA.
In a separate statement, MGC told investors today that the company's proprietary product, CannEpil®, is now available to patients in the UK by Named Patient Request. The listing enables CannEpil® to be prescribed by clinicians in the UK who are listed on the GMC Specialist Register, a significant sub section of the United Kingdom's central doctors register, the GMC Register.
The CannEpil® is a high-CBD, low-THC formulation for patients suffering from drug-resistant epilepsy (refractory epilepsy).
Roby Zomer commented: "The availability of CannEpil® by Named Patient Request marks a momentous breakthrough for MGC Pharma. The product will now be available to a wide cohort of specialist medical practitioners in the UK, which is testament to the progress we are making."
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Both pieces of news represent MGC’s strong momentum in 2023, with the fundraise showing confidence in the company’s pipeline and growth prospects in the year ahead. The company noted that fundraise shares and Cantheon subscription will be used to progress the completion of pre-clinical trials for CimetrA®, along with advancing the Investigational New Drug (IND) submission to the FDA, and pre-IND submission for CannEpil® as the drug enters Phase 2b trials, all demonstrating the exciting pharma development activities that MGC has in the months to come.
On top of this, MGC’s proprietary product CannEpil® being made available by Named Patient Request marks a significant milestone for the company, showing progress towards positioning itself as a market leader in the treatment of drug-resistant epilepsy (refractory epilepsy). The company notes that approximately 33% of adults, and 20-25% of children with epilepsy suffer from refractory epilepsy, so CannEpil® is well-positioned to offer an alternative to patients who are resistant to antiseizure medications.
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