New ArtemiC Order Received From Swiss PharmaCan AG
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04 May 2021 ASX Code: MXC LSE Code: MXC |
MGC Pharmaceuticals Ltd New $1m order received for ArtemiCTM Rescue production from global distributor Swiss PharmaCan AG |
Key Highlights :
· MGC Pharma has received a wholesale purchase order of ~€640,000 (~A$1,000,000) from leading European nutraceuticals producer and distributor, Swiss PharmaCan AG (SPC), for ArtemiCTM Rescue.
· This is the second major wholesale order received by the Company for ArtemiCTM Rescue under the exclusive Master Agreement with SPC signed in February 2021.
· The Company has manufacturing capacity at its production facility in Slovenia to produce commercial scale batches of ArtemiCTM Rescue as a food supplement for distribution by SPC.
· Strong sales pipeline continues to deliver material revenue to the Company, following from the record quarter on quarter sales achieved in the 3 months ended March 2021, and record monthly sales achieved in March.
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, confirms that it has received a new wholesale purchase orders of ArtemiCTM Rescue from Swiss PharmaCan AG ('SPC') equating to circa €640,000 (~A$1,000,000).
This is the second wholesale purchase order received under the agreement with SPC, with the original purchase order received in February 2021.
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 Q2 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.
ArtemiCTM Rescue is a proprietary supplement for MGC Pharma, which is based on SPC and miVital's intellectual property. MGC Pharma are the sole producer of ArtemiCTM Rescue and SPC are the master distributors.
MGC Pharma and SPC are continuing to seek approvals for ArtemiCTM Rescue as a supplement in a number of countries to provide support to Covid-19 patients and alleviate their symptoms. Alongside this, MGC Pharma are making progress on the long-term development of the Investigational Medicinal Product (IMP) CimetrATM through its phase III clinical studies, which were approved in Israel last month.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "Receiving a second order on such a large scale from Swiss PharmaCan demonstrates the increasing demand for our product ArtemiCTM 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."
--Ends--
Authorised for release by the Board, for further information please contact:
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MGC Pharmaceuticals Ltd Roby Zomer +61 8 6382 3390 CEO & Managing Director
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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.
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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
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