Medical cannabis company MGC Pharma has acquired a clinical research firm as it looks to ramp up its trial activity.
The move to absorb research company MediCaNL will bring the design and management of clinical trials in house and ‘deliver immediate and significant cost savings’.
Directors at MGC Pharma believe the move – which is worth six million Australian dollars worth of shares – will streamline its research output and build ‘stronger relationships with regulators’.
Once the takeover is complete, the research arm will run clinical trials as the ambitious firm looks to make headway with regulatory agencies in Europe and further afield.
MGC Pharma, which became the first cannabis company to list on the London Stock Exchange earlier this year, has clinical trials planned for three different products in 2021 alone.
Roby Zomer, co-founder and managing director of MGC Pharma, said: “The acquisition of MediCaNL is a strategically important moment and is crucial in being able to deliver on our ambitious plans for MGC Pharma.
“By acquiring MediCaNL and bringing their services and expertise in-house, we not only cut significant costs from our forecasted clinical trial expenditure but also remove much of the red tape involved in the preclinical and clinical trial process.’’
“MediCaNL is led by some of the world’s most renowned doctors and scientists who will be a great asset to the MGC Pharma team.
“They operate at the highest levels of quality and integrity, enabling MGC Pharma to establish and nurture stronger relationships with regulators in the years to come as we expand our suite of products and undergo more clinical trials.”
MediCaNL are a significant player in their own field, generating $1million of revenue in 2020 and with 40 trials currently being run out of its labs.