Share prices in MGC Pharma nearly doubled overnight after the company announced a new agreement in producing an anti-viral drug.
MGC Pharmaceuticals (ASX:MXC) a European-based 'Seed to Medicine' bio-pharma company specializing in the production and development of phytocannabinoid-derived medicines, has entered into a manufacturing and distribution agreement with Micelle Technology AG, the parent company of Swiss PharmaCan AG in order to research, manufacture and distribute an anti-infective formulation for individuals with inflammatory issues.
The Product is based on the Micelle and Swiss PharmaCan's patented MyCell Enhanced™ delivery system technology, which has been designed to improve the pharmacokinetics of natural active ingredients, increasing their bioavailability in treating the diseased organism.
The MyCell delivery technology has been used in one of Micelle's leading products, Artemisinin, which successfully treated 127 patients infected with Malaria within 7 days. The test was a non-controlled study in Africa conducted under World Health Organisation guidelines.
We believe that Phytomedicine will effectively treat previously unmet medical needs and improve the lives of patients in this critical time. Roby Zomer, Co-Founder and managing director of MGC Pharma
Under the agreement, Micelle will continue developing and testing the anti-viral formulation to generate a final marketable product, while MGC will provide Micelle with necessary research support where necessary. Once completed, Micelle will supply MGC with the Product in bulk form and MGC will manufacture and pack the finished product.
The Agreement is for an initial term of five years and thereafter automatically renews for an additional one year. Either Party may terminate the Agreement at the end of the initial term or any renewal term by written notice six months before the end of the initial term or renewal term.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "We are working hard with Micelle to provide support during its research, development, and testing of its Product and we look forward to updating the market in due course."
To learn more about MGC Pharma, visit the company HQ here.
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