MGC Pharmaceuticals’ COVID treatment listed as OTC drug in world’s biggest healthcare market; shares jump

MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) is celebrating today after its ArtemiC™ COVID-19 treatment was listed as an over-the-counter (OTC) drug in the United States.

The Food and Drug Administration’s National Drug Code database cleared the treatment for non-prescription drug status, prompting US supply and distribution partner AMC Pharma to place a US$2 million order.

The subscription is a real shot in the arm for the dual-listed pharmaceuticals stock, which developed its clinically tested, all-natural COVID treatment with bioavailbity technology from partner Swiss PharmaCan AG.

Thanks to its newly minted over-the-counter status, ArtemiC™ can hit the shelves from April 2023.

Investors have also celebrated, lifting the stock on the ASX by as much as 57.2% to A$0.011 intraday.

Where to from here?

AMC Pharma is negotiating with the US’ largest pharmacy chains and independent retailers to get the product in consumer eyesight.

The treatment can also be sold in US Pharmacy Benefit Management (PBM) networks, including prescription discount services, from next month.

With the US$2 million order now in play, MGC has moved straight into production, targeting product delivery in two batches over Q3 and Q4 this year.

AMC Pharma rep Brent Yessin said the company was pleased to work alongside MGC to secure the over-the-counter designation — a product it believes will have a material impact in the pharmaceutical 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 OTC products and expensive prescription products from Big Pharma,” he explained.

MGC CEO and managing director Roby Zomer said: “The listing of ArtemiC™ as an 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.

“The receipt of an order to the value of US$2 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.”

About ArtemiC

ArtemiC™ harnesses the power of four natural ingredients — curcumin, boswellia serrata, artemisinin and Vitamin C — in its COVID-19 medical spray.

During development, the treatment underwent a Phase II double-blind, placebo-controlled clinical trial on 50 patients with COVID-19. Thanks to the study, MXC determined that ArtemiC™ demonstrated the following advantages:

• A full safety and efficacy profile with no drug adverse events;
• the ability to prevent deterioration of COVID-19 patients and achieve faster clinical improvement;
• opportunity to reduce pressure on the healthcare system;
• the ability to reduce symptoms and pain associated with COVID-19; and
• scope for both community and hospital applications.

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