Leading Australian research university, Royal Melbourne Institute of Technology and MGC Pharmaceuticals have signed a Binding Memorandum of Understanding to collaborate on a full suite of medicinal cannabis research initiatives, initially centred on genetics and cultivation.
Under the Binding Memorandum of Understanding (MOU), the parties have agreed to immediately negotiate terms for an umbrella agreement to undertake joint medicinal cannabis research programs at RMIT facilities that aim to include:
• The establishment of a world first “International Library of Cannabis Medicine” detailing the genetic make-up of a wide variety of cannabinoid strains
• Development of genetics and breeding programs for establishing medical cannabis strains in Australia that are effective for treating specific diseases
• Development of medical grade cannabis products for future clinical studies in Australia. MXC will apply for a Medical Cannabis Licence specifically for all cultivation and research to be undertaken at the secure RMIT facilities.
This will fast track MXC’s path to clinical trials in Australia and partnering with one of the country’s leading scientific research institutions.
The Binding MOU substantially strengthens MGC Pharmaceuticals research credentials and its leadership position in the Australian medicinal cannabis market. Parties to move immediately to negotiate final terms for the formal Umbrella Agreement on these joint medicinal cannabis programs in Australia.
Pursuant to the Umbrella Agreement, MXC will apply to the Office of Drug Control (ODC) for Medical Cannabis Licenses for cultivation, production and research programs being undertaken at the secure RMIT facilities. The Company has engaged an independent expert who has already completed the relevant MXC license applications. Utilising the Library, MGC Pharmaceuticals and RMIT will work towards identifying the ideal ratios of cannabinoids that can be used to effectively treat specific diseases. The parties will then collaborate on the development of genetics and breeding programs for specific medical cannabis strains and protocols, to produce medical grade cannabis products for future clinical studies in Australia.
The success of such products in clinical studies could result in MGC Pharmaceuticals developing its own pharmaceutical grade products in Australia. Following on from the Binding MOU, MGC Pharmaceuticals and RMIT will work towards the development and execution of a Binding Umbrella Agreement in the coming weeks. The Umbrella Agreement will detail the specific work programs, funding and targeted outcomes of this strategic collaboration.