MGC Pharma builds on momentum with a new $1 million order
Health & Biotech
Health & Biotech
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European-based biopharma company MGC Pharmaceuticals (ASX:MXC) has just received $1 million worth of orders for its ArtemiCTM Rescue food supplement.
The order was received from its distribution partner Swiss PharmaCan (SPC), and is the second major order received as part of an exclusive master agreement it signed with SPC back in February.
Under that agreement, SPC is required to order a minimum quantity of 40,000 wholesale units per quarter – which has now been fulfilled for Q2 following today’s order. The order today was worth around EUR 640k (or $1 million).
“Receiving a second order on such a large scale from Swiss PharmaCan demonstrates the increasing demand for our product ArtemiCTM Rescue, and its associated benefits,” says Roby Zomer, co-founder and managing director of MGC Pharma.
“Our team in Slovenia has been working tirelessly to ramp up production to ensure rapid deployment of this order, and any subsequent orders that may be received,” Zomer added.
The company says a strong sales pipeline is set to continue, following the momentum of its record sales in the March quarter.
ArtemiC Rescue is a proprietary supplement for MGC Pharma, which is based on SPC and miVital’s intellectual property.
It is a clinically tested food supplement containing four natural-based ingredients consisting of artemisinin, curcumin, boswellia serrata, and vitamin C – and is focused on the anti-inflammatory effect and reducing and prevention of cytokine storm.
The company struck a three-year exclusive master agreement with SPC in February for worldwide distribution, which includes a guaranteed minimum order quantity of 40,000 units per quarter.
Both companies are continuing to seek approvals for ArtemiCTM Rescue as a supplement in a number of countries to provide support to COVID-19 patients and alleviate their symptoms.
Last week, MGC Pharma announced that its Canadian distribution partner, Glow Life Tech, has submitted an application to Health Canada to obtain Natural Health Product (NHP) licences.
This comes in the wake of the double-blind, placebo-controlled Phase II clinical trials in December, which showed ArtemiC significantly improved the recovery of COVID-19 patients against a placebo group.
Glow LifeTech currently has exclusive rights to market, sell and distribute ArtemiC in Canada, the US, Mexico and all Caribbean countries as a food supplement.
Another development in April also signalled MGC’s intention to expand the business, with the acquisition of clinical trials research company MediCaNL for $6 million.
The Israel-based research company will design, manage and run all of MGC Pharma’s clinical trials for its cannabinoid medical treatments in line with European, Israeli and US health regulations.
MGC Pharma is set to undertake a number of clinical trials for its cannabinoid products in 2021 – including two Phase I and II trials and one Phase III trial for its CannEpil, CogniCann and CimetrA treatments.
For CimetrA specifically, MGC Pharma is making progress on the long-term development of the Investigational Medicinal Product (IMP) through its Phase III clinical studies, which were approved in Israel last month.