MGC Pharmaceuticals wins A$1 million order for ArtemiC Rescue

MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) has received a new wholesale purchase order of ArtemiC Rescue from Swiss PharmaCan AG (SPC) worth about €640,000 (A$1 million).

This is the second wholesale purchase order received under the agreement with SPC, with the original purchase order received in February 2021.

Ramping up production

Under the terms of the three-year master agreement, SPC is required to order a minimum quantity of 40,000 wholesale units per quarter, which has already been achieved for the second quarter CY2021 following receipt of this order.

MGC Pharma has existing food supplement manufacturing capacity in Slovenia to produce this and any subsequent orders it may receive from SPC this quarter.

MGC Pharma co-founder and managing director Roby Zomer said: “Receiving a second order on such a large scale from Swiss PharmaCan demonstrates the increasing demand for our product ArtemiC Rescue, and its associated benefits.

“Our team in Slovenia has been working tirelessly to ramp up production to ensure rapid deployment of this order, and any subsequent orders that may be received.”

Alleviating COVID-19 symptoms

ArtemiC Rescue is a proprietary supplement for MGC Pharma, which is based on SPC and miVital’s intellectual property.

MGC Pharma is the sole producer of ArtemiC Rescue and SPC is the master distributor.

MGC Pharma and SPC are continuing to seek approvals for ArtemiC Rescue as a supplement in a number of countries to provide support to COVID-19 patients and alleviate their symptoms.

Alongside this, MGC Pharma is making progress on the long-term development of the Investigational Medicinal Product (IMP) CimetrA through its phase III clinical studies, which were approved in Israel last month.

Story by ProactiveInvestors