MGC Pharma opens new production facility in Malta, now set to ramp up sales of CimetrA
Health & Biotech
Health & Biotech
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The new facility in Malta sets MGC Pharma up to meet the rapidly increasing demand for its COVID-19 drug, CimetrA.
The opening of the new facility will create a European manufacturing hub for MXC’s lead drug CimetrA, as well as for other liquid form dose medicines.
It will also put MGC Pharma in a strong position to streamline global distribution, given the strategic location of Malta which offers convenient shipping access to all parts of the European continent.
An official ribbon cutting ceremony marking the occasion will take place on November 16, to be attended by representatives of MGC, Malta Enterprise and the Maltese Government.
The opening ceremony is also the culmination of an 11-month journey since MGC Pharma was given a cash grant by Malta Enterprise of 3.1 million euros in December last year, allowing the company to build out and extend the clinical research facility.
“The completion of the construction of the CimetrA facility in Malta, the company’s second EU-based production facility, continues to strengthen our strategic position in pharmaceuticals development and manufacturing,” said Roby Zomer, co-founder and CEO of MGC Pharma.
“It will provide the company with flexible production capacity, which includes production of our proprietary treatment for the symptoms of COVID-19.”
The new facility in Malta will become MGC Pharma’s European manufacturing hub and has the ability to scale up production to meet growing demand.
The fully compliant EU Good Manufacturing Practice (GMP) manufacturing hub will have the capacity to produce over 20,000 units in liquid dose form per day, which is double that of original planned.
This production capacity makes it an important part of MGC’s manufacturing pipeline, which is expected to meet CimetrA’s near-term demand.
The plant is expected to significantly scale up the company’s production capacity and complements its existing facility in Slovenia, which has also been awarded a GMP licence from EU authorities.
CimetrA is the pharmaceutical version of MXC’s nutraceutical branded product, ArtemiC, which is currently being sold by Swiss PharmaCan across Europe.
CimetraA is in late clinical development, and has been proven to contain anti-inflammatory properties that could fight COVID-19.
The drug has been seeing active business development as a potential early-use product in a number of countries – with the US and India being the first two to sign up.
In early October, MGC secured its largest ever order of 110,000 units of CimetrA from AMC Holdings, its distribution partner in the US.
That follows an earlier decision by the Indian government to allow the import of CimetrA, as the country grapples with rising COVID-19 cases.
The production of this anti-inflammatory medicine in Malta will continue to strengthen MXC’s position as the ideal hub for advanced manufacturing and scientific development.
MGC’s objective is in line with that of Malta Enterprise (ME), Malta’s economic development agency tasked with attracting new investment to the country, conveniently located off the coast of Italy.
“This project is a great example of how both MGC and ME seized an opportunity during critical circumstances,” said Kurt Farrugia, CEO of Malta Enterprise.
“We are thrilled that CimetrA, a potential solution to mitigate the effects of the coronavirus, will carry the Made-in-Malta brand.”
This article was developed in collaboration with MGC Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.