TIDMMXC
RNS Number : 8357Q
MGC Pharmaceuticals Limited
02 March 2021
02 March2021 MGC Pharmaceuticals Ltd
ASX Code: Swiss PharmaCan AG increases initial purchase order volume
MXC by 85% for first ArtemiC(TM) Rescue production batch
LSE Code:
MXC
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 worldwide(1) supply
and distribution of ArtemiC(TM) 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 ArtemiC(TM) Rescue has now
been increased by 85% from the initial ArtemiC(TM) Rescue wholesale
order received in February on signing, increasing this first order
to in excess of $425,000 (+ EUR275,000) wholesale revenue to MGC
Pharma
-- The Master Agreement includes a minimum wholesale order
quantity to MGC Pharma of 40,000 units per quarter of ArtemiC(TM)
Rescue
-- Swiss PharmaCan AG to exclusively distribute ArtemiC(TM)
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 ArtemiC(TM) 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 ArtemiC(TM)
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 (+
EUR275,000) 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. ArtemiC(TM)
incorporates SPC's MyCell Enhanced(TM) delivery system
technology.
ArtemiC(TM) 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(TM) Rescue in
December 2020 (refer ASX release 15 December 2020). Results from
the trail highlight that ArtemiC(TM) 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 ArtemiC(TM) 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 (+ EUR275,000) of immediate wholesale revenue to MGC
Pharma.
The Company will be responsible for providing ArtemiC(TM) 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 ArtemiC(TM) 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:
MGC Pharmaceuticals Ltd UK PR Advisors - Tavistock
Roby Zomer Charles Vivian
CEO & Managing Director +44 207 920 3150
+61 8 6382 3390 Charles.Vivian@tavistock.co.uk
info@mgcpharma.com.au Tim Pearson
+44 7983118 502
Tim.Pearson@tavistock.co.uk
UK Broker - Turner Pope Australian PR/IR Advisors - Media
Andy Thacker & Capital Partners
Andy.Thacker@TurnerPope.com Rod Hinchcliffe (IR) +61 412 277
Zoe Alexander 377
Zoe.Alexander@TurnerPope.com Rod.Hinchcliffe@mcpartners.com.au
+44 20 3657 0050
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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END
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