- MGC Pharma (MXC) has signed a joint venture (JV) agreement to register an anti-inflammatory product, ArtemiC, as medicine in Russia
- The joint venture is with Dr Svetlana Kopachevskaja and key associated investment partners
- ArtemiC is currently being evaluated for a phase two a clinical trial on novel coronavirus (SARS-CoV-2) infected patients
- Once the current clinical trial is complete, the company will be eligible to proceed with the registration of ArtemiC
- MGC Pharma is expecting the registration process will be fast-tracked and will only take between nine and 12 months, instead of the usual five to eight years
- Russia represents a key market as it has recorded over 960,000 cases of COVID-19 to date, which is the fourth-highest country globally
- Company shares are currently in the grey and are trading for 2.7 cents per share
MGC Pharmaceuticals (MXC) has signed a joint venture (JV) agreement to register ArtemiC as medicine in Russia.
The joint venture is with Dr Svetlana Kopachevskaja and key associated investment partners. The new JV company will be 70 per cent owned by MGC Pharma and 30 per cent owned by the partners.
ArtemiC is an anti-inflammatory product and is designed with the scientific aim to target viral infections with inflammatory complications. It is currently being evaluated for a phase IIa clinical trial on novel coronavirus (SARS-CoV-2) infected patients.
Once the current clinical trial is complete, the company will be eligible to proceed with the registration of ArtemiC.
MGC Pharma expects the registration process will be fast-tracked by submitting the dossier to the agency, taking only between nine and 12 months. This is significantly faster than most medicines, due to the current global COVID-19 pandemic, which is usually five to eight years.
The Joint venture company will be led by Svetlana and her team, with assistance from MGC Pharma’s Europe-based team.
Svetlana has years of knowledge in the production, development and registration of oncological medications. She has an outstanding reputation in the Russian medial community and is responsible for registrations of new and innovative medicines.
Russia represents a key market, as it has recorded over 960,000 cases of COVID-19 to date, which is the fourth-highest country globally. At present, it still has high infection rates — on August 24, the country reported 4700 new cases of the virus in 24 hours.
The new agreement will also include the registration of 15 formulations, which includes MGC Pharma’s formulations and generic oncological medicines, in Moscow for the Russian market.
Co-Founder and Managing Director of MGC Pharma, Roby Zomer, is pleased to be working with Svetlana and partners to target the Russian market.
“Russia is an extremely large market and is still reporting very high numbers of COVID-19 infections. Importantly, our time to market for ArtemiC in Russia can be reduced significantly via the fast-track process,” he said.
“The company also looks forward to working with Svetlana and her team for the development and registration of MGC Pharma formulations and generic
oncologic medicines,” he added.
Company shares are currently in the grey and are trading for 2.7 cents per share at 1:05 pm AEST.