MGC Pharmaceuticals (ASX: MXC) has officially launched its cannabidiol-based Derma Plus herbal cream for psoriasis sufferers throughout Australasia, the European Union and US.
Patients in these regions now have access to the CBD-based herbal cream, which was successful in easing itchiness, flaking and severe dryness in patients during clinical testing at a European dermatological clinic last year.
The cream contains MGC’s proprietary CBD compounds, with experts claiming the psoriasis market globally was worth US$7.8 billion in 2015 and projected to be worth US$12.1 billion by 2024.
Psoriasis is estimated to affect 5% of people around the world, with around 7.5 million people suffering in the US.
The cream can be purchased via MGC 51%-owned subsidiary MGC Derma’s website and other ecommerce platforms.
Two other CBD-based products are due for launch early this year, including an herbal replenishing cream for mild seborrheic dermatitis and an herbal repair balm for acne prone skin.
Today’s news comes after the company informed the ASX yesterday it had not received it’s expected A$1 million deposit due to “operational and logistics factors” that had damaged bulk sample containers in transit and caused a delay.
The customer Varm Cosmo had requested additional bulk samples and a new formulation prior to completing its order and paying the deposit.
MGC stated the final bulk sample will be shipped to Varm Cosmo this month. Then, once Varm Cosmo had received and tested the samples, it will communicate to MGC the final products and quantities required and pay the A$1 million deposit.
Under the contract with Varm Cosmo, MGC Derma inked an initial A$8 million agreement to supply Varm with its CBD products in late October.
A further two agreements were due to be implemented with the combined value of the three contracts estimated at A$40 million.
MGC Derma had initially anticipated receiving its first A$1 million payment in November.
After spending most of the day in the red, MGC’s share price managed to clamber back up 3% to sit at A$0.097 in late afternoon trade.