MGC Pharmaceuticals posts record sales after strong quarter

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MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) rose on Tuesday after updating investors on its activities during the quarter.


The September and June quarters combined have delivered a record US$2.2mln in cash sales receipts for a consecutive six-month period, with increasing month-on-month sales generated from new key markets including the UK and Ireland.


READ: MGC Pharmaceuticals advances phase 3 clinical trial of CimetrA for the treatment of COVID-19


The latest quarter delivered nearly US$1mln of cash receipts and US$564,000 of Phytocannabinoid medicine sales.


The AIM-listed firm noted that CimetrA was granted import approval by the government of India for emergency use authorisation process.


It also executed a US$24mln three-year supply and distribution agreement with US-based company AMC Holdings Inc., launching MGC Pharma into the US healthcare market


As part of the agreement, AMC will obtain a US National Clinical Trial Number to facilitate US-based research into MGC Pharma’s products. It also ordered 1,000 units of CimetrA to fast-track the approval.


Meanwhile, CannEpil became the first government reimbursed medical cannabis product in Ireland, while it received UK import permit to treat ten patients on compassionate grounds.


A Patent Application was submitted for a Cannabinoid Drug Delivery System to the European Intellectual Property Office with the patent expected to be granted in 2022.


Shares jumped 5% to 2.775p on Tuesday morning.

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