- MGC Pharmaceuticals (MXC) receives an order for more than $4 million for its COVID-19 treatment, CimetrA
- The order for US$3 million (~ A$4.1 million) from AMC Holdings is part of a three-year US$24 million (around A$33 million) US supply and distribution agreement, the largest single order MGC has received for any product to date
- The deal also includes an additional US$21 million (~A$28.8 million) worth of orders for the second and third year, including CannEpil and CogniCann
- AMC says it’s now in the process of securing approval for receiving CimetrA for distribution within the US, which is anticipated to take six weeks
- MGC Pharmaceuticals is up 1.72 per cent, trading at 5.9 cents per share at 2:48 AEDT
MGC Pharmaceuticals (MXC) has received an order for over $4 million for its COVID-19 treatment, CimetrA.
The purchase order for US$3 million (around A$4.1 million) from AMC Holdings is part of a three-year US$24 million (around A$33 million) US supply and distribution agreement.
This order represents more than 110,000 units of CimetrA, marking the largest single order MGC has received for any product to date.
MGC Pharma Managing Director and CEO Roby Zomer is pleased with the development.
“The receipt of the first year US$3 million purchase order for CimetrA from AMC firmly establishes our exciting partnership and MGC Pharma’s expansion into the USA market for our unique phytomedicines,” Mr Zomer said.
“The agreement will provide a foundation for further clinical research and development of our products, and enable access for US patients to have access to our products in the immediate future.”
As part of the agreement, AMC is required to provide a letter of credit for the US$2 million (approximately A$2.7 million) balance of the order. This will be provided to MGC Pharma over the coming weeks, ahead of the first commercial supply of CimetrA.
AMC said it was now in the process of securing approval for receiving CimetrA for distribution within the US, which is anticipated to take six weeks.
The deal also includes an additional US$21 million (roughly A$28.8 million) worth of orders for the second and third year for MGC products, including CannEpil and CogniCann.
Meanwhile, AMC said it was currently working with the University of South Florida (USF) on the submission of CimetrA to the university’s internal review board. This is hoped to be the first step towards the university joining clinical trials for the company’s COVID-19 treatment.
AMC and USF are reportedly working towards the launch of the first US trial and will also submit MGC Pharma’s CannEpil and CogniCann products for approval by the board in the coming weeks.
MGC Pharmaceuticals was up 1.72 per cent, trading at 5.9 cents per share at 2:48 AEDT.