MGC Pharma to acquire clinical and medical research firm MediCaNL
MGC Pharmaceuticals (MGC Pharma), a bio-pharma company focused on phytocannabinoid-derived medicines, has acquired MediCaNL, the owner of Israeli clinical and medical research company MediCaNL Israel 2019, for AUD6 million ($4.64 million).
MediCaNL offers specialist services to the pharma sector for development of new medicines. The company provides clinical and preclinical trial services along with assistance with clinical trials through research data from previous studies of all phase I to IV using a range of treatment methods.
MediCaNL is said to have worked on seven investigational new products (INP) in conjunction with the US Food and Drug Administration (FDA). Two of them are approved, while four are going on.
The Israeli clinical and medical research company, which has 12 clients, including MGC Pharmaceuticals, had earned revenues of around $1 million in 2020.
MGC Pharmaceuticals said that the deal will expedite the process of introducing medicines and products to market by boosting its throughput capability, apart from making clinical trial performance and design an insourced operation.
Roby Zomer – Co-founder and Managing Director of MGC Pharmaceuticals 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.”