Significant growth in market share and patients in Denmark
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
Fresh market data from the Danish Health Data Authority reveal that medical cannabis oil products in the Pilot Programme offered by Stenocare are steadily capturing market share with a growth of 90% during the last six quarters. Stenocare offers the only two oil products approved for sales in the Pilot for Danish patients, and it is expected that this trend will grow further when Stenocare’s third product is approved. This is expected within 4-6 months.
Oil products for patients: Stenocare’s pharmaceutical approach to medical cannabis products has resulted in the approval of several oil products for sale within the Danish Pilot Programme. The company was the first to gain approval for such products and remains the sole supplier of these oil products in the Danish Pilot. Presently, Stenocare offers two medical cannabis oil products for sale and is in the process of seeking approval from the Danish Medicines Agency (DMA) for a third product within the Pilot Programme. Since 2018 the DMA has worked towards bringing medical cannabis more and more inline with pharmaceutical standards according to the Danish Drug Standards (ie DLS) and the European Pharmacopeia. The result is very strict standards and quality requirements for suppliers seeking product approvals, and only Stenocare has oil products approved for sales in the Danish Pilot. Stenocare is hopeful that their third oil product will be approved within 4-6 months and once approved it is expected to further grow the sales run rate for Stenocare, as doctors and patients have expressed a need for this specific oil formulation. The company is actively taking input from doctors and is adjusting the product pipeline to offer the right products for relevant treatments.
Oil products winning share: The legal Danish medical cannabis market has three different patient access schemes, each based on distinct regulatory models for prescription and patient treatment. The most accessible of these models is the Pilot Programme, which permits all doctors to prescribe medical cannabis. The Danish Health Data Authority publishes detailed data for the Danish medical cannabis market, and the latest data is demonstrating a growing number from 414 to 798 patients in the Pilot Programme since 2022 (equal to 90% growth), coinciding with Stenocare's introduction of its THC oil product. The data also show, that with the introduction of the second Stenocare CBD oil product it has further accelerated this growth, and the Pilot Programme is now patient’s primary access path for treatment with medical cannabis. [See enclosed graph "Danish Medical Cannabis Patients Sept2023"].
Familiar medical dosage device: Medical professionals highly value medicines that can be consistently administered in precise dosages, using familiar dosage devices that are easy and predictable for patients to use daily. Stenocare has opted for an oral syringe [Danish: “sprøjte”] as the delivery method for its oil products, a well-established device for administering medicine that enables tailoring daily dosages to individual patients with ease. The two current oil products are supplied with this device and the third oil product will also be using the same device. Other products in the market (not Stenocare) are applied as dried granulate for drinking as “tea” or inhaling as “smoke”.
Growing number of prescribing doctors: The growth in treatment with medical cannabis in Denmark has been slower than projected by industry analysts. This is primarily due to doctor’s lack of knowledge with medical cannabis and lack of relevant products for treatment. The latest data show that 536 doctors have prescribed medical cannabis to a patient under the Pilot Programme, where 52% are specialist doctors. When looking at all three patients access schemes, then a total of 1325 doctors have prescribed medical cannabis since 2018 – which Stenocare considers positive for growing the number of treatments in the future. The data reveals that the key treatment indication (ie. illness) is neuropathic pain that originates from cancer and multiple sclerosis.
Securing availability for patients: Since introduction of the two current Stenocare oil-products they have constantly been available to Danish patients, and the company is monitoring the stock situation weekly and takes appropriate actions to secure production, regulatory certificates and international shipments.
Comment by Thomas Skovlund Schnegelsberg, CEO of Stenocare: "It is a great pleasure to be gaining pace in the Danish Pilot Programme. Data from the Health Authority shows a positive trend in Denmark, with oil products featuring an oral syringe gaining market share. This serves as a strong endorsement of our product strategy and our unwavering commitment to ensuring product availability for patients. With our product pipeline we are looking to serve many more patients resulting in further growth in sales run rate in 2024 in Denmark and beyond”
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