By Joe Hoppe
MGC Pharmaceuticals said Friday that it has received a $1 million order from AMC Pharma to produce its Covid-19 and anti-inflammatory treatment Artemic, an over-the-counter version of Cimetra.
The London and Australia-listed biopharma company said the order comes alongside AMC’s new supply agreement to distribute to more than 100 holistic and wellness chiropractic offices in California and Florida, and represents the start of a substantial ramp up in sales for the treatment alongside increasing U.S. distribution.
The order has been secured with an immediate down payment of $150,000. Friday’s disclosure brings total orders to date of more than 100,000 units of Artemic by AMC, the company said.
“This order, combined with AMC’s new supply agreement to distribute across the U.S., gives us confidence for the future growth of MGC,” Chief Executive and Managing Director Roby Zomer said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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