21st Mar 2023 13:58
(Alliance News) - MGC Pharmaceuticals Ltd on Tuesday said its ArtemiC product has now been listed as an over-the-counter, non-prescription drug in the US, while its supply and distribution partner AMC Holdings Inc has placed a USD2 million order.
The Perth, Australia-based pharmaceutical company specialising in plant-inspired medicines said its proprietary, clinically-tested Covid-19 treatment ArtemiC was listed with over-the-counter status on the National Drug Code Database of the US Food & Drug Administration, facilitated by AMC.
This means AMC will now be able to sell ArtemiC via US-based pharmacy benefit management networks from April, including prescription discount services.
As a result, AMC has submitted a purchase order for USD2 million of ArtemiC, with production to commence immediately towards delivery in two installments in the third and fourth quarters of 2023 respectively.
MGC Pharma said AMC is negotiating with the "largest US pharmacy networks" and independent pharmacies for the inlcusion of ArtemiC within their shelf spaces.
This will increase retail access and subsequent sales with nationwide availability, MGC Pharma said.
"The listing of ArtemiC as over-the-counter drug, provides significant access to the largest healthcare market in the world and stands as a major milestone MGC's growth progression," said MGC Pharma Chief Executive Officer & Managing Director Roby Zomer.
"The receipt of an order to the value of USD2 million from our distribution partner, AMC, is a serious endorsement for the product, which has a demonstrated capacity to relieve symptoms of Covid-19 and other inflammatory diseases."
Brent Yessin, vice president and general counsel at AMC, added: "We believe [ArtemiC] will have considerable impact in the over-the-counter retail sector. Through our partnership with MGC, we are now able to offer the market a clinically proven, plant-based, and FDA authorized product that fills an important hole in the market between existing over-the-counter products and expensive prescription products from 'Big Pharma'."
Shares in MGC Pharma were up 50% to 0.64 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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