With record growth in 2021, MGC Pharma’s Q1 trading update confirmed it’s laid the foundation for a global expansion
Health & Biotech
Health & Biotech
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MGC Pharma’s Q1 results saw the company continue to build strong foundations for future growth.
The company today announced $964k of cash receipts, and $564k of phytocannabinoid medicine sales for Q1FY22.
The September and June quarters combined delivered a record $2.2m in cash sales receipts for a consecutive six-month period for MGC, with increasing month-on-month sales generated from new key markets, including the United Kingdom and Ireland.
Strategically, the first quarter of FY21 was about positioning MGC for future growth, and in that context the company announced several key achievements.
Among them was another strong push into the European market, where MGC received regulatory approval in Germany for its nutraceutical food supplement, ArtemiC.
German regulators issued an MGC Free Trade Certificate following the successful Phase2 trial in 2020 that demonstrated ArtemiC’s efficacy in expediting the clinical recovery of patients with mild COVID-19.
The permit was awarded by the Medicines and Healthcare products Regulatory Agency, via its UK distribution and clinical access partner Elite Pharmaco.
And as India continues to grapple with large numbers of COVID-19 cases, MGC was granted import approval for its phytomedicine CimetrA as it moves toward obtaining Emergency Use Authorisation for treatment of COVID-19 patients.
Indian authorities granted the permit in September, enabling MGC Pharma to submit final samples of CimetrA for the last stage of testing to be granted Emergency Use Authorisation. The process is expected to take up to 90 days.
MGC’s goal of having a strong presence in the world’s largest healthcare market was boosted after securing its biggest order for any product with US distributor partner AMC Holdings.
AMC ordered 110,000 units of CimetrA, confident it may be the much-needed wonder drug to treat COVID-19. Valued at US$3 million, it is the largest single order that MCG Pharma has received for any product to date and is only for AMC’s initial distribution within the US state of Florida.
The order is part of a three-year US$24 million US supply and purchase agreement announced with AMC Holdings in August.
The distribution agreement with AMC covers all three of MGC’s lead products of CannEpil, CogniCann and CimetrA.
Co-founder and Managing Director Roby Zomer said Q1FY22 had laid the foundations MGC’s continued growth and future success.
“These are very exciting developments for MGC Pharma and come alongside our strongest consecutive quarter on quarter result for cash receipts from sales,” he said.
“We have achieved so much this year and look forward to progressing our ambitious plans to achieve market authorisations for a number of our medicines and being in a position to provide more patients access to our products.”
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.