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MGC Pharma secures £2.2m purchase order for Covid-19 treatment

European-based MGC Pharmaceuticals has received a £2.2m (US$3m) purchase order for its Covid-19 treatment CimetrA™

The purchase order, from US firm AMC Holdings, is a significant step forward for the company as it begins to commercialise its clinically proven Covid-19 treatment.

MGC secured a three-year, £18m (US$24m) USA Supply and Distribution Agreement with the company in August, which includes an additional £15m (US$21m) of orders over years two and three for MGC products including CimetrA™, and cannabis-based drugs CannEpil® and CogniCann®, which will be used to treat epilepsy and dementia.

This order represents over 110,000 units of CimetrA™, the largest single order that the it has received for any product to date.

MGC is currently in the process of securing approval for receiving CimetrA™ for distribution within the USA, which is expected to take approximately six weeks.

AMC placed an initial order for CimetrA™, which is to be used by regulators and researchers in the US approval process.

As part of this process AMC is coordinating with both the University of South Florida in Tampa, and the Holy Cross Hospital in Fort Lauderdale, to submit CimetrA™, and shortly thereafter CogniCann©, to their respective Internal Review Boards (IRB) for approval, and initiation of Clinical Trials.

The approval of the respective IRBs will enable each facility to participate in ongoing Clinical Trials for CimetrA™. Once granted, the IRB approvals will also enable the hospitals to be active Clinical Trial sites for CogniCann©.

The fight against Covid-19

CimetrA™ has been proven through clinical trials to help treat the Cytokine Storm, a symptom of severe Covid-19.

It is currently undergoing a Phase III Clinical Trial in Israel as an Investigational Medicinal Product for the treatment of Covid-19 following successful Phase II trials in 2020. The first patient was enrolled at the Israel trial site in July 2021.

MGC Pharma managing director and CEO, Roby Zomer commented: “The receipt of the first year US$3m purchase order for CimetrA™ from AMC firmly establishes our exciting partnership and MGC Pharma’s expansion into the USA market for our unique phytomedicines. 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.”

Brent Yessin, general counsel for AMC said: “The average cost of Covid-19 hospital stays in the US is $40,000, meaning for every 1,000 patients you keep out of hospital, you save $40 million and countless lives. Healthcare workers say they need more tools to treat people before they are so sick they need oxygen, and political leaders want to give them what they need. Helping US hospitals and physicians join CimetrA™ trials in Israel and around the world is one way AMC and MGC help patients, caregivers and thought leaders gain access to those valuable tools.”

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