Increased initial supply agreement for ArtemiC
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02 March2021 ASX Code: MXC LSE Code: MXC |
MGC Pharmaceuticals Ltd Swiss PharmaCan AG increases initial purchase order volume by 85% for first ArtemiCTM Rescue production batch |
Key Highlights :
· In February 2021, MGC Pharma signed an exclusive Master Agreement with leading European nutraceuticals producer and distributor, Swiss PharmaCan AG (SPC), for the worldwide1 supply and distribution of ArtemiCTM Rescue as a food supplement for a 3-year minimum period
· This Master Agreement follows the completion of a successful Phase II double-blind, placebo-controlled clinical trial on 50 COVID-19 patients across Israel and India that met all its primary and secondary endpoints (per ASX releases in 2020)
· SPC's initial purchase order for ArtemiCTM Rescue has now been increased by 85% from the initial ArtemiCTM Rescue wholesale order received in February on signing, increasing this first order to in excess of $425,000 (+ €275,000) wholesale revenue to MGC Pharma
· The Master Agreement includes a minimum wholesale order quantity to MGC Pharma of 40,000 units per quarter of ArtemiCTM Rescue
· Swiss PharmaCan AG to exclusively distribute ArtemiCTM Rescue worldwide[1], with specific focus on countries currently reporting high numbers of COVID-19
· The Company has sufficient manufacturing capacity at its production facility in Slovenia to produce commercial scale batches of ArtemiCTM Rescue for distribution by Swiss PharmaCan AG
MGC Pharmaceuticals Ltd (ASX, LSE: MXC, 'MGC Pharma' or 'the Company'), a European based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines, is pleased to announce it has received an materially increased initial purchase order from Swiss PharmaCan AG of ArtemiCTM Rescue. This new order equates to an 85% increase from the original purchase order received by MGC Pharma in February, bringing the initial purchase order value to in excess of $425,000 (+ €275,000) as immediate wholesale revenue to MGC Pharma. This initial order is part of a quarterly wholesale order quantity from SPC under the Master Agreement, which is to run for a minimum of 3 years.
As announced on 18 February 2021, MGC Pharma signed an exclusive master supply and distribution agreement (the ' Master Agreemen t') with leading European nutraceutical producer and distributor, Swiss PharmaCan AG (" SPC ") for the sale and distribution of the Company's food supplement ArtemiC TM Product line. ArtemiCTM incorporates SPC's MyCell Enhanced™ delivery system technology.
ArtemiCTM 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.
The signing of this supply and distribution agreement follows the completion of a Phase II double-blind, placebo-controlled clinical trial on 50 COVID-19 patients, to evaluate the safety and efficacy of the anti-inflammatory product, ArtemiCTM Rescue in December 2020 (refer ASX release 15 December 2020). Results from the trail highlight that ArtemiCTM Rescue demonstrates the following advantages:
· A full safety and efficacy profile with no drug-adverse events
· The ability to prevent deterioration of COVID-19 patients and achieve faster clinical improvement
· The ability to assist in reducing the pressure on the medical system and support coping with hospitalised patients
· The ability to reduce symptoms and pain associated with COVID-19
· The versatility to be used in community as well as in hospitals
As the mechanism of action of ArtemiCTM Rescue is focused on the anti-inflammatory effect and reducing and prevention of cytokine storm, a wide spectrum of potential indications will be considered for future development.
The Master Agreement includes a minimum wholesale order quantity of 40,000 units of per quarter effective immediately, with the first wholesale purchase order from SPC which has just been increased by 85%. This revised initial purchase order equates to circa $425,000 (+ €275,000) of immediate wholesale revenue to MGC Pharma.
The Company will be responsible for providing ArtemiCTM Rescue to SPC and has the ability to produce commercial scale batches of both products through its current manufacturing capacity and production facility in Slovenia.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "We are pleased to have extended our agreement with Swiss PharmaCan AG for ArtemiCTM Rescue. This further agreement will provide more people access to the natural therapeutic benefits of the supplement and ease suffering following the successful Phase II trial results in December."
--Ends--
Authorised for release by the Board, for further information please contact:
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MGC Pharmaceuticals Ltd Roby Zomer CEO & Managing Director +61 8 6382 3390
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UK PR Advisors - Tavistock Charles Vivian +44 207 920 3150 Charles.Vivian@tavistock.co.uk Tim Pearson +44 7983118 502 |
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UK Broker - Turner Pope Andy Thacker Zoe Alexander +44 20 3657 0050 |
Australian PR/IR Advisors - Media & Capital Partners Rod Hinchcliffe (IR) +61 412 277 377 |
About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based bio-pharma company developing and supplying affordable standardised phytocannabinoid derived medicines to patients globally. The Company's founders were key figures in the global medical cannabis industry and the core business strategy is to develop and supply high quality phytocannabinoid derived medicines for the growing demand in the medical markets in Europe, North America and Australasia. MGC Pharma has a robust product offering targeting two widespread medical conditions - epilepsy and dementia - and has further products in the development pipeline.
Employing its 'Nature to Medicine' strategy, MGC Pharma has partnered with renowned institutions and academia to optimise cultivation and the development of targeted phytocannabinoid derived medicines products prior to production in the Company's EU-GMP Certified manufacturing facility.
MGC Pharma has a number of research collaborations with world renowned academic institutions, and including recent research highlighting the positive impact of using specific phytocannabinoid formulations developed by MGC Pharma in the treatment of glioblastoma, the most aggressive and so far therapeutically resistant primary brain tumour.
MGC Pharma has a growing patient base in Australia, the UK, Brazil and Ireland and has a global distribution footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.
Follow us through our social media channels :
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
LinkedIn: MGC Pharmaceuticals Ltd.
Instagram: @mgc_pharma
About Swiss PharmaCan AG
Micelle Technology AG, parent company of Swiss PharmaCan AG is a dynamic organization dedicated to R&D using natural active ingredients (i.e. vitamins and minerals) to improve human health. As one of the leading innovators of plant-based micelle concentrates, Micelle Technology AG offers a unique technology, which enables the company to harness the full potential of herbal active ingredients.
Website: www.swisspharmacan.ch
[1]Excluded territories; Thailand, Myanmar, Israel, CIS (Armenia, Belarus, Kazakhstan, Moldova, Russia, Tajikistan, Uzbekistan) and Ukraine
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