17th Aug 2022 11:12
(Alliance News) - MGC Pharmaceuticals Ltd shares were lifted on Wednesday after it announced a USD1 million order for its neutraceutical, ArtemiC.
The Perth, Australia-based medicinal cannabis company said its US strategic partner AMC Holdings Inc has submitted a purchase order of USD1.0 million for ArtemiC Rescue. Production has already begun, and delivery to AMC will happen over the next three months.
Shares in MGC were up 7.8% to 1.16 pence each in London on Wednesday.
The order came along with the signing of an updated US supply & distribution agreement with AMC, it said. In addition, the companies are working together to bring MGC's phyto-cannabinoid medicines, CogniCann and CannEpil, into the US under early patient access schemes.
"The inclusion of ArtemiC in the AMC Supply and Distribution agreement recognises the progress that MGC Pharma has made in the development of this product, and the receipt of AMC's initial ~USD1M order is a great step for the company as it further expands its reach into the global market for a product which has demonstrated great potential from clinical trial data to date," said Chief Executive Officer Roby Zomer.
ArtemiC Rescue is a nutraceutical which showed a range of benefits for moderate Covid-19 sufferers in phase II clinical trials back in 2020.
By Elizabeth Winter; [email protected]
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