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MGC Pharma set for best half-yearly results after delivering ArtemiC order in Europe
Health & Biotech
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MGC Pharma is on track for its best quarter and half ever after delivering the ArtemiC order to Swiss Pharma.
European-based biopharma company, MGC Pharma (ASX:MXC), is continuing its growth story in Europe after completing production of the ~€650,000 (around $1,000,000) ArtemiC order from its European partner, Swiss PharmaCan.
The order was first announced in May and under the terms, MGC Pharma is to receive the full order payment in early December.
This revenue would place the company on track to deliver its best ever quarter and half-yearly revenue result as at 31 December 2021.
“The partnership between MGC and Swiss PharmaCan has been a cornerstone for MGC’s continued sales and revenue growth in 2021 in the European market for our COVID-19 treatment, ArtemiC,” says Roby Zomer, co-founder and CEO of MGC Pharma.
MGC Pharma says it has more manufacturing capacity in Slovenia to produce this and future orders from master distributor, Swiss Pharma.
Both companies are now progressing access to new EU markets, following the September grant of the Certificate of Free Trade in Germany and the EU.
A number of approvals in the EU are being sought for ArtemiC, which has been proven to alleviate symptoms in COVID-19 patients.
MGC Pharma is the sole producer and proprietary owner of ArtemiC, but the components behind the supplement are based on Swiss Pharma’s intellectual property asset, MyCell technology.
The company is also making progress on the long-term development of the Investigational Medicinal Product for ArtemiC’s pharmaceutical cousin drug CimetrA, through ongoing clinical studies.
CimetrA is a clinically tested drug used as an anti-inflammatory to treat COVID-19, and its applications for Emergency Use Authorisation in India and other national regulators are currently underway.
Milestone for CannEpil in Ireland
Meanwhile, MGC Pharma has reached a major medical cannabis milestone in Ireland, following the admittance of the first patient under the country’s Medical Cannabis Access Programme (MCAP).
A 26-year old Dubliner, Ryan Gorman, became the first patient to receive MXC’s CBD-based epilepsy drug CannEpil, a high-CBD, low-THC formula which was made available in Ireland through MCAP in 2019.
Gorman is one of around 37,000 people in Ireland who suffer from epilepsy and one of around 800 with intractable epilepsy, meaning it is resistant to current drug treatments.
This development marks a ‘significant milestone’ in the ongoing campaign in Ireland to have people get access to CBD-based treatments.
Gorman said that he had tried commercially available CBD products with an unknown potency for around a year, but said they didn’t work in terms of reducing the strength and number of seizures.
“For those people out there that have been waiting so anxiously to see when I’m gonna get access to it, finally the day has arrived,” he told BusinessCann.
“It can only be described as wonderful news, and hopefully the benefits will now be there for everybody.”
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.
