MGC Pharmaceuticals plans to establish a joint venture company to register ArtemiC in Russia.
MGC Pharmaceuticals Ltd (ASX: MXC), the Europe-based cannabis biotech today announced that it had signed a term sheet to partner with Dr. Svetlana Kopachevskaja in order to establish a joint venture (JV) company to facilitate the registration of MGC Pharma's novel anti-inflammatory formulation ArtemiC as a medicine in Russia. Additionally, the company aims to register a further 15 MGC Pharma formulations for the Russian market.
The JV Company will be 70% owned by MGC Pharma, and 30% owned by the Partners, and will be informed by Dr. Svetlana Kopachevskaja's extensive career in producing, developing and registering oncological medications.
Dr. Kopachevskaja formerly worked as the Deputy Director of the Federal State Budgetary Institution (FBSI), and at the National Medical Centre of Oncology of the Ministry of Health in Russia and Naukoprofi branch Director at the Blokhin National Medical Research Centre of Oncology of the Ministry of Health in Russia.
According to MGC Pharma, "Kopachevskaja has an outstanding reputation throughout the Russian medical community and has been responsible for implementing the procedures for registration of new and innovative medicines."
"Dr. Kopachevskaja brings with her a highly credentialed team in the oncology medicine field, they are regulatory and production experts, which will assist in the development of the MGC formulas for registration in Russia."
Dr Kopachevskaja and her team will be managing the JV company while receiving assistance from MGC Pharma's Europe-based team, with an initial focus on registering ArtemiC in Russia as a medicine.
Should the registration succeed – which is dependent upon the successful completion of the current Phase IIa ArtemiC clinical trial – the subsequent distribution of ArtemiC will be managed by MGC Pharma's existing distributor KS Kim.
The company states that the ongoing COVID-19 pandemic means that COVID-19 related drug registration has been rapidly accelerated, and the registration of ArtemiC as a medicine in Russia may take less than 12 months as opposed to 5-8 years.
In the recent Press Release, MGC Pharma stated that:
"Russia represents a key market of strategic growth for MGC Pharma and ArtemiC as it has recorded over 960,000 cases of COVID-19 to date, the fourth-highest country globally, and is still recording significantly high COVID-19 infection rates. On 24 August 2020 Russia reported over 4,700 new cases of COVID-19 in 24 hours."
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "We are delighted to be working with Dr Kopachevskaja and our partners to establish the joint venture and target the Russian market.
Russia is an extremely large market and is still reporting very high numbers of COVID-19 infections. Importantly, our time to market for ArtemiC in Russia can be reduced significantly via the fast-track process. Roby Zomer, Co-founder and Managing Director of MGC Pharma
Mr. Zomer went on to say that "[MGC Pharma] also looks forward to working with Dr. Kopachevskaja and her team for the development and registration of MGC Pharma formulations and generic oncologic medicines"
To learn more about MGC Pharma, visit the company HQ here.
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