MGC Pharmaceuticals Ltd, a European-based pharmaceutical company specialising in the production and development of plant-inspired medicines, has received permission from the Slovenian Ministry of Health to undergo scientific research development on the psychedelic compound psilocybin.
Key highlights:
- MGC Pharma have received permission from The Slovenian Ministry of Health to research and develop new drug formulations and research of properties of psilocybin.
- Psilocybin is a psychedelic compound that naturally occurs in a variety of fungi, which shows great potential in many serious medical conditions.
- MGC Pharma can now provide development and compounding services to companies dealing with psilocybin and wish to have a medicine in the market.
The permission granted covers the development of analytical methods, research of physical-chemical properties of psilocybin and development of pharmaceutical forms that would be suitable for administration.
Psilocybin is a naturally occurring psychedelic compound found in a variety of fungi and mushrooms which shows great potential in many serious medical conditions.
MGC Pharma is one of the first companies to obtain permission to undertake pharmaceutical research on psilocybin and the first in Slovenia.
The company plans to work with other pharmaceutical businesses to collaborate and provide research capabilities for understanding of the properties of psilocybin.
This approval will allow MGC to take the psychedelic industry one step closer to the pharmaceutical industry by helping to develop and research new medicines based on psilocybin, and for MGC to provide such services to the growing industry of psychedelics.
Roby Zomer, managing director and CEO of MGC Pharmaceuticals, commented: “We are pleased to have obtained permission from the Slovenian Ministry of Health to undertake pharmaceutical research with psilocybin, which puts the company at the forefront of experimental, pharmaceutical research. We are extremely grateful to the Slovenian Health Ministry for enabling us to utilise our research expertise in this area.
“Whilst we continue to focus on our core development pipeline of CimetrA and CannEpil, we look forward to working with other pharmaceutical partners to establish the properties of psilocybin and demonstrate how it could be used to develop medicines to treat people with debilitating conditions.”