Australian medicinal cannabis company Althea Group Holdings Limited (ASX:AGH) has achieved a new record for the uptake of its medicinal cannabis products in Australia.
The company attracted 462 new patients in September at a rate of 22 patients per business day, representing the largest number of new patients prescribed Althea medicinal cannabis products in a single month.
The month on month growth rate in new patients per business day was approximately 22.2%. In addition, there are now 319 Australian Healthcare Professionals (HCPs) who have prescribed Althea’s products.
Althea CEO Josh Fegan said the company had exceeded its estimates with regard to patient uptake in Australia.
In June, we achieved our 1000 patient milestone almost six months ahead of schedule and less than three months later we have reached 2,329 patients,” he said.
“The recent developments in NSW are further signs of the normalisation of cannabis-based medicines and a great win for patient access, in which Althea is clearly leading the way. Our education-focussed approach has been a huge success in Australia and we are replicating it in the UK and other markets.”
Mr Fegan said NSW Health had simplified the requirements for prescribers of medicinal cannabis in NSW, Australia’s most populous state. From 30 September 2019, in most cases only a Therapeutic Goods Administration issued approval will be required.
He said the company expects patient uptake of Althea medicinal cannabis products within NSW to accelerate due to the softening of the regulations. The Company views the changes as signifying the growing acceptance of medicinal cannabis by government, reflecting that of the medical community.
Mr Fegan said the rapid uptake of Althea’s medicinal cannabis products is being driven by the Company’s two-pronged strategy comprised of an on-the-ground Medical Science Liaison team and Althea Concierge, a proprietary platform that greatly reduces application times for HCP’s prescribing Althea medicinal cannabis products.
Shares in Althea were trading 5c, or 8%, higher on Friday at 67c on the back of the news.