Bio-pharma company MGC Pharmaceuticals Ltd (ASX: MXC) has received a materially increased initial purchase order for ArtemiC from Swiss PharmaCan AG.
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 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 three years.
In mid-February MGC Pharma signed an exclusive master supply and distribution with leading European nutraceutical producer and distributor, Swiss PharmaCan AG for the sale and distribution of the company’s food supplement ArtemiC Product line. ArtemiC incorporates SPC’s MyCell Enhanced delivery system technology.
ArtemiC 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, ArtemiC Rescue in December 2020, Results from the trail highlight that ArtemiC Rescue demonstrates the following advantages:
As the mechanism of action of ArtemiC 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 of immediate wholesale revenue to MGC Pharma.
The company will be responsible for providing ArtemiC 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.
We are pleased to have extended our agreement with Swiss PharmaCan AG for ArtemiC 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,” Co-founder and Managing Director of MGC Pharma, Roby Zomer, said.