MGC Pharma delivers first major ArtemiC Rescue order to Swiss PharmaCan, achieves record quarter for sales revenues

MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) (FRA:H5O) has completed delivery of the first bulk order in March of ArtemiC^TM Rescue to Swiss PharmaCan AG, which equates to around $425,000 (€275,000) in wholesale production revenue to the company.

With the completion of manufacturing and delivery of the first ArtemiC^TM Rescue bulk order, the company has delivered a record quarter of sales revenues from its proprietary phytomedicine product line, with about $880,000 of revenue generated for the March 2021 quarter.

Investors responded positively with shares as much as 19% higher to A$0.072 intra-day while the company’s market cap sits at approximately A$136.8 million.

Growth momentum set to continue

MGC Pharma global chief sales officer Nicole Godresse said: “In recent months we have seen rapid sales growth of our medical cannabis products as a direct result of our strategy to broaden our core prescriber base, diversify and expand our revenue streams and build additional strategic alliances.

“It is pleasing to see these strategies starting to translate into positive commercial outcomes and we expect this strong growth momentum to continue in 2021 and beyond.

“The launch of ArtemiC^TM Rescue represents a significant milestone for MGC Pharmaceuticals.

“We are encouraged by early clinical trial results and confident that ArtemiC^TM Rescue will provide a highly effective and accessible over-the-counter, plant-based treatment option for patients, as well as contributing to the rapid acceleration of MGC Pharmaceutical’s revenue growth in 2021 and beyond.”

Strongest month and quarter of revenue growth

MGC Pharma co-founder and managing director Roby Zomer said: “We are very pleased to complete our first batch purchase order for ArtemiC^TM Rescue under our Swiss PharmaCan agreement.

“This, combined with sales growth of other pharma-grade cannabinoid products in key markets, has helped to deliver the strongest month and quarter of revenue growth for the company to date.”

Swiss PharmaCan order

In February 2021 MGC Pharma signed an exclusive master supply and distribution agreement with leading European nutraceutical producer and distributor Swiss PharmaCan AG for the sale and distribution of its food supplement ArtemiC^TM Product line.

The first bulk order of ArtemiC^TM Rescue delivered in March is part of a quarterly wholesale order under the master agreement with Swiss PharmaCan, which is to run for a minimum of three years.

Swiss PharmaCan plans to exclusively distribute ArtemiC^TM Rescue worldwide, with specific focus on countries currently reporting high numbers of COVID-19 patients.

ArtemiC^TM is a clinically tested food supplement (nutraceutical, dietary supplement, natural health product) containing four natural-based ingredients consisting of Artemisinin, Curcumin, Boswellia serrata, and Vitamin C.

March quarterly report out soon

March also delivered the best monthly sales revenue for the company to date from its pharmaceutical-grade phytomedicine products, with sales of the MP product line in Australia driving its best monthly unit sales to date with more than 1,500 units sold.

Sales growth of the company’s pharma grade, cannabinoid products also has continued in key markets, including Australia in the first quarter of 2021.

More details of the sales and revenue results will be given in the March quarterly activity report which is due out in the coming weeks.

Medicinal Cannabis Clinics delivers synergy

MGC Pharmaceuticals has been completing the operational integration of the Medicinal Cannabis Clinics (MCC) acquisition over the past few months and it is now operating under MGC Pharma’s management control and cost structures.

This is now starting to deliver the business synergies, including increased patient numbers and revenues from the Australian phytocannabinoid medicine division of the company.

Story by ProactiveInvestors