Psoriasis suffers will have a new treatment available from January 1st next year after MGC Pharmaceuticals (ASX: MXC) scheduled the launch for its cannabidiol-based Derma Plus product line.
Created by MGC Pharma’s 51%-owned entity MGC Derma Division, the Derma Plus uses CBD to treat mild forms of psoriasis, with independent tests showing 69% of patients reporting “effective reduction of skin irritation” after four weeks’ treatment.
Other symptoms that declined were itchiness, flaking and severe dryness. During clinical testing, Derma Plus also soothed, softened and comforted sensitive skin.
“The herbal repair cream has demonstrated strong results throughout the clinical test program, which validates the benefits of medicinal cannabis-based skin care products, in particular, ones which utilise our proprietary CBD compounds,” MGC Pharma co-founder and chief executive officer Roby Zomer said.
From 1 January 2018, consumers throughout the European Union, US and Australasia will be able to purchase the herbal repair cream via MGC Pharma’s ecommerce platforms, distribution pipelines and website.
Additionally, two other Derma Plus products are due for release in early 2018 for treating acne and seborrheic dermatitis.
The International Federation of Psoriasis Association estimates about 5% of people around the world suffer from psoriasis.
In the US, about 7.5 million people have the condition, which equates to about 2% of the population.
Transparency Market Research calculated the global psoriasis market was worth about US$7.8 billion in 2015 and has forecast it will be valued at US$12.1 billion by the end of 2024.
In the last few months, MGC Pharma has executed multiple supply agreements for its CBD and CBD-based products for inclusion and treatment of a myriad of products and conditions.
By mid-morning trade, MGC Pharma’s shares had risen more than 5% to sit at A$0.08. Since mid-October, MGC Pharma’s stock has soared more than 160% from its A$0.03 price.