MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has completed production of a A$1 million order of ArtemiCTM for leading European nutraceuticals distributor Swiss PharmaCan (TSX-V:MJN) AG (SPC) and is now ready to deliver the order.
Under the terms of the agreement, the full purchase order value of about EUR650,000 (A$1 million) will be received by MXC by early December, positioning the company to deliver its best quarter and half yearly revenue results to date.
ArtemiCTM is a proprietary supplement for MGC Pharma, which is based on SPC’s intellectual property, MyCell technology.
Now available in multiple countries, the treatment is designed to provide support to patients with COVID-19 and alleviate their symptoms. MGC Pharmaceuticals is the sole producer of ArtemiCTM and SPC is the master distributor.
“We expect to see continued growth”
MGC Pharmaceuticals co-founder and managing director Roby Zomer commented: “The partnership between MGC and Swiss PharmaCan (TSX-V:MJN) has been a cornerstone for MGC’s continued sales and revenue growth in 2021 in the European market for its COVID-19 treatment ArtemiCTM.
“With the continuing outbreaks of COVID-19, not only in Europe but globally, we expect to see continued growth in the demand for COVID-19 treatments for those people who contract the disease.
“MGC believes that its COVID-19 treatments are a cost-effective alternative which will assist the public health system manage the growing number of patients requiring medical intervention.”
MGC has existing food supplement manufacturing capacity in Slovenia, capable of producing this and future orders from SPC, which – following the grant of a Certificate of Free Trade in Germany and the EU – are progressing access to new markets.
The two companies will continue to seek approvals for ArtemiCTM as a supplement in several countries to provide support to COVID-19 patients and alleviate their symptoms.
Concurrently, MGC Pharmaceuticals say it is continuing to make progress on long-term development of the Investigational Medicinal Product CimetrATM through its ongoing clinical studies, and applications for Emergency Use Authorisation in India and other National Regulatory and Medical Agencies are currently underway.
About MGC Pharmaceuticals
MGC Pharmaceuticals is a Europe-based biopharma company developing and supplying affordable standardised phytocannabinoid derived medicines.
The company has a number of research collaborations with world-renowned academic institutions.
MGC Pharma has a growing patient base in Australia, the UK, Brazil and Ireland and has a global distribution footprint via an extensive network of commercial partners.