ASX-listed MGC Pharma has signed a binding term sheet for an exclusive distribution arrangement with IM Cannabis Corporation, or “IMC”, for the importation and sale of its “CannEpil” medicinal cannabis-based formulation in Israel over five years.
MGC Pharma’s CannEpil is a medicinal formulation of phytocannabinoids that is delivered orally as a treatment for refractory, or drug-resistant, epilepsy.
MGC said IMC is a leading Israeli medicinal cannabis brand and one of the pioneers in the Israeli industry. IMC will import CannEpil for MGC’s upcoming clinical trial of CannEpil cannabinoid formulation on Israeli patients with drug-resistant epilepsy.
Under the agreement, IMC will be responsible for the importation, commercialisation, promotion and distribution of CannEpil, including having access to using the Super Pharm network, Israel’s largest pharmacy chain, via an existing exclusive arrangement IMC has with Focus Medical Herbs Ltd, MGC Pharma said.
The company said that IMC also has an established operation in Germany which is augmented by strategic agreements with other certified suppliers in Europe.
MGC Pharma said it will remain the developer and IP-owner of CannEpil and it will also apply for registration under the early patient access scheme to registered doctors in Israel. This will replicate approvals already in place In Australia, Brazil, Ireland and the United Kingdom for CannEpil.
Management said there are over 82,000 people in Israel suffering from epilepsy that could potentially benefit from the use of CannEpil.
Read the article by Matt Birney in The West Australian.