MGC Pharma delivers first batch order to Swiss PharmaCan, notches record sales quarter
Health & Biotech
Health & Biotech
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Medicinal cannabis biotech company MGC Pharmaceuticals (ASX:MXC) has delivered the first batch of purchase orders for its ArtemiCTM Rescue from Swiss PharmaCan AG (SPC).
The total order is worth $425,000 (around 275k euros) of wholesale revenue, with the first batch delivered to SPC in March.
It’s part of a three-year master sales agreement the company signed with SPC in February for ArtemiCTM, which includes a guaranteed minimum order quantity of 40,000 units per quarter. SPC has exclusive rights to distribute ArtemiCTM Rescue worldwide, with specific focus on countries reporting high numbers of Covid-19 cases.
ArtemiCTM 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. MGC says that it’s able to produce and deliver large commercial scale batches from its facilities in Slovenia.
Sales have grown significantly for the company’s pharmaceutical-grade, cannabinoid product this quarter.
Today’s order resulted in a record quarter of sales revenue from the company’s proprietary phytomedicine product line, bringing total quarterly revenue to $880,000. This follows a record March sales revenue, which includes the 1,500 units sold in Australia during the month.
The company has also now completed the operational integration of recently acquired telehealth company, Medical Cannabis Clinics (MCC), which was announced last November. MCC will now begin operating under MGC’s management control and cost structures, bringing synergy and potentially revenues from the Australian phytocannabinoid medicine division of the company.
MGC focuses on supplying affordable standardised phytocannabinoid derived medicines to patients globally.
Employing its ‘Nature to Medicine’ strategy, the company has made rapid progress recently.
In February, it announced an expansion into its brain cancer research, and began a clinical study into using its proprietary nano-delivery platform to treat glioblastoma, an aggressive form of brain cancer.
In March, the company received the go-ahead for a Phase III trial of its anti-inflammatory medicine for the treatment of COVID-19. The treatment is designed to target viral infections with inflammatory complications, and was successfully evaluated on COVID-19 infected patients last year.
MGC also became the first medicinal cannabis company to be admitted to the London Stock Exchange, after a successful IPO worth $11.6 million. The shares made their debut in February, and its share price rose by 60 per cent on the first day of trading.
The ASX-listed shares have risen by 140 per cent over the last 12 months.
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