7th Jul 2023 09:41
(Alliance News) - MGC Pharmaceuticals Ltd shares jumped on Friday morning after it announced a USD1 million order from AMC Pharma to produce ArtemiC, an over-the-counter version of CimetrA.
MGC Pharmaceuticals is a London-based pharmaceutical company specialising in the production and development of plant-derived medicines. Shares in the firm were up 15% at 0.29 pence on Friday morning in London.
ArtemiC demonstrated a range of benefits for patients suffering from moderate Covid-19 in a phase two trial. Subsequent trials have shown ArtemiC to be an effective anti-inflammatory across a wide range of chronic diseases.
The order is the second by AMC and has secured an immediate down payment of USD150,000 for the company. Orders to-date by AMC now total over 100,000 units of ArtemiC.
AMC's order comes alongside its new supply agreement to distribute to over 100 holistic and wellness chiropractic offices in California and Florida.
"This order from AMC validates ArtemiC for the US market and demonstrates our ability to supply an FDA authorised product in a world leading market. This order, combined with AMC's new supply agreement to distribute across the US, gives us confidence for the future growth of MGC," said Chief Executive Roby Zomer.
By Heather Rydings, Alliance News senior economics reporter
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