MGC Pharmaceuticals Ltd shares rise in London as Swiss distributor orders more

() shares began Tuesday’s session in London higher, after announcing a A$1mln wholesale order from Swiss firm for MGC’s proprietary ArtemiC Rescue supplement which is being used by COVID-19 patients to support recovery.

Changing hands at 3.52p in London, the share is up around 3.12% in early deals.

It is the second wholesale purchase order received under an agreement with the Swiss company.

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 the second quarter 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.

“Receiving a second order on such a large scale from Swiss PharmaCan demonstrates the increasing demand for our product ArtemiC Rescue, and its associated benefits,” said Roby Zomer, MGC Pharma co-founder and managing director.

“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.”

Alleviating COVID-19 symptoms

ArtemiC Rescue is a proprietary supplement for MGC Pharma, which is based on PharmaCan and miVital’s intellectual property.

MGC Pharma is the sole producer of ArtemiC Rescue and PharmaCan is the master distributor.

MGC Pharma and PharmaCan are continuing to seek approvals for ArtemiC Rescue as a supplement in a number of countries to provide support to COVID-19 patients and alleviate their symptoms.

Alongside this, MGC Pharma is making progress on the long-term development of the Investigational Medicinal Product (IMP) CimetrA through its phase III clinical studies, which were approved in Israel last month.