MGC Pharmaceuticals (LON: MXC) shares are climbing after the company confirmed it has submitted its Self-Nano Emulsifying Cannabinoids-Ionic Complex Concentrate Drug Delivery System (SNEDDS) to the Slovenian Intellectual Property Office (SIPO).
The company, which specialises in the production and development of phytocannabinoid-derived medicines, said the patent was accepted at the end of June, meaning it has the right to file subsequent applications with other IP Agencies in various jurisdictions.
MGC Pharma expects the patent to be issued within the next 12 months.
The Australian and London-listed company said the drug delivery system increases the bioavailability of Phytocannabinoid medicines and enables higher concentrations of CBD which can pass across the blood brain barrier in globular molecules below 50 nanometres.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: “The acceptance of this patent could be transformational for patients who need treatment and therapeutic relief from neurological diseases. The new IP will not only improve MGC Pharma's current formulations, including our phytocannabinoid-based drugs CannEpil and CogniCann, but potentially provide more affordable medicines for patients as a result of the more efficient use of resources in formulations.”
“The submission to SIPO provides MGC Pharma with the right to file further applications in multiple jurisdictions and treat people and patients suffering from these conditions on a global scale.”
MGC Pharma's share price is currently trading at 2.1p, up 2.44%.
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