MGC Pharmaceuticals (LON: MXC) shares have spiked on Thursday after the company signed a minimum three-year exclusive worldwide master supply and distribution agreement with Swiss PharmaCan AG for the distribution of ArtemiC Rescue.
MGC’s share price has surged since the news and is trading at 8.2p, up 71.91% at the time of this publication.
Food supplement ArtemiC is a clinically tested food supplement containing four natural-based ingredients: Artemisinin, Curcumin, Boswellia Serrata and Vitamin C.
The agreement follows the completion of successful Phase 2 trials on 50 covid patients in Israel and India that met all of its primary and secondary endpoints and represents the first sales of ArtemiC as a food-grade product and providing the company with direct access to large, rapidly growing markets still reporting high Covid-19 case numbers.
The agreement includes minimum wholesale order quantity to MGC Pharma of 40,000 units of ArtemiC Rescue per quarter. An initial wholesale order of 10,000 units has been received by MGC Pharma which has a total retail market value of $850,000 for Swiss PharmaCan AG.
Swiss Pharma will exclusively distribute ArtemiC™ Rescue and ArtemiC™ support worldwide, focusing on countries currently reporting high numbers of Covid-19 cases.
The company said it has sufficient manufacturing capacity at its production facility in Slovenia to produce commercial-scale batches of ArtemiC Rescue and ArtemiC support for Swiss PharmaCan AG distribution.
Elsewhere Swiss PharmaCan has already agreed with Relay Medical Corp and Glow LifeTech for exclusive North American and Caribbean sales and distribution rights. At the same time, it has also secured Onassis Holdings Corp as a master distributor of ArtemiC Rescue and ArtemiC prevention through their channels in the USA in America.
“Following the successful results achieved from our ArtemiC™ Phase II clinical trial in December last year, we are very pleased to have signed this Agreement with Swiss PharmaCan AG for the worldwide distribution of ArtemiC™ as a food supplement as It provides full product validation of ArtemiC™ and its therapeutic benefits,” stated Roby Zomer, Co-founder and Managing Director of MGC Pharma.