Malta Production Facility Completion
MGC Pharmaceuticals Ltd.
Construction Completed of Malta CimetrA™ Production Facility, Commissioning to Commence
2 November 2021
ASX, LSE: MXC
Key Highlights :
· MGC Pharma's new Production Facility in Malta completed on schedule
· An official ribbon cutting ceremony will be taking place on November 16th, attended by representatives of MGC, Malta Enterprise and the Maltese Government.
· The Company will immediately commence the equipment fit out and commissioning phase of the Production Facility
· The completion of the Facility on time and within the parameters of the €3.1million cash grant represents MGC Pharma's longstanding commitment to Malta, and fruitful collaboration with Malta Enterprise, with the unique relationship focused on the establishment of a robust Phytomedicines based pharma industry operating at a global standard.
MGC Pharmaceuticals Ltd (' MGC Pharma' or ' the Company ') a European based bio-pharma company specialising in the production and development of phytomedicines , is pleased to announce the completion of the construction and implementation phase of the CimetrA™ production facility in Malta.
MGC Pharma received a €3.1million cash grant from the Maltese Government via Malta Enterprise, in order to fund the majority of the costs of construction, and equipment fitout of the facility. The fully compliant EU GMP production facility will have the capacity to produce over 20,000 units in liquid dose form per day, which is double that originally planned, (announced in Dec 2020) making it an important part of MGC's manufacturing pipeline, and to meet CimetrA™ 's near term demand.
The facility will create a European manufacturing hub for CimetrA™ and for other liquid form dose medicines, putting MGC Pharma in a strong position to streamline global distribution through convenient shipping access.
About Malta Enterprise and the COVID-19 EU Grant Scheme
Malta Enterprise is the country's economic development agency, tasked with attracting new foreign direct investment as well as facilitating the growth of existing operations. In June 2020, Malta Enterprise announced they would provide financial support for undertakings to carry out investment projects to increase or initiate production of COVID-19 relevant products or to diversify existing production to be able to produce COVID-19 relevant products.
About CimetrA™
CimetrA™ is a nanoparticle micellar formulation based on the pharmaceutical synergetic composition consisting of Curcumin and Boswellia. CimetrA™ has anti-inflammatory and immunomodulating effects and can be designed for multiple therapeutic applications utilising Graft Polymer IP Ltd's proprietary GraftBio™ Self-nano-emulsifying Drug Delivery System. Preclinical and Clinical results to date have demonstrated CimetrA™ 's mechanism of action as an anti-inflammatory and immunomodulatory agent which is effective in the prevention of severe inflammation by its control of increased Cytokine production which results from an infection of the different variants of SARS-CoV-2 (the virus responsible for COVID-19); and which is the forerunner of a Cytokine Storm, believed to be the main reason for mortality in severe COVID-19 patients.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented : "The completion of the construction of the CimetrA™ facility in Malta, the Company's second EU based production facility, continues to strengthen our strategic position in pharmaceuticals development and manufacturing, and provides the Company with flexible production capacity, which includes production of CimetrA™, MGC Pharma's proprietary treatment for the symptoms of COVID-19."
Kurt Farrugia, CEO of Malta Enterprise, commented: " Malta Enterprise is proud to support MGC Pharmaceuticals Ltd develop and produce CimetrA™ through the COVID-19 Investment Aid fund, which was set-up to assist companies develop products in the fight against the pandemic. This project is a great example of how both MGC and ME seized an opportunity during critical circumstances, and we are thrilled that CimetrA™ , a potential solution to mitigate the effects of the Coronavirus, will carry the 'made in Malta' brand. It also shows an evolution of our Life Sciences and Pharma industry with the production of phytomedicines in Malta, creating another niche within the sector."
--Ends--
Authorised for release by the Chairman, for further information please contact:
|
MGC Pharmaceuticals Ltd Roby Zomer CEO & Managing Director +61 8 6382 3390 |
MGC Pharmaceuticals Ltd David Lim Company Secretary +61 8 6382 3390 |
|
UK Broker - Turner Pope Andy Thacker +44 203 657 0050 |
UK PR Advisors - Tavistock Charles Vivian / Tim Pearson +44 207 920 3150
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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.
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