MGC Pharmaceuticals Ltd (LON:MXC, ASX:MXC, OTCMKTS:MGCLF) said distributor Swiss PharmaCan has increased by 85% its initial order volume for ArtemiC Rescue, an anti-inflammatory product targeting COVID-19.
MGC said it has sufficient production capacity to fulfil the first delivery, which is worth around US$425,000.
"This further agreement will provide more people access to the natural therapeutic benefits of the supplement and ease suffering following the successful phase II trial results in December,” said managing director Roby Zomer.
Swiss PharmaCan has exclusivity to distribute ArtemiC worldwide, with specific focus on countries currently reporting high numbers of coronavirus (COVID-19) cases. The master agreement includes a minimum wholesale order quantity of 40,000 units per quarter.
ArtemiC, meanwhile, has proven itself in a phase II clinical trial in which it was shown to prevent deterioration of COVID-19 patients and help them achieve faster clinical improvement. It also found to be safe with no adverse drug events.
The food supplement works as an anti-inflammatory, which has been shown to reduce and prevent the cytokine storms seen in the worst affected COVID-19 patients.
It contains four ingredients: Artemisinin, Curcumin, Boswellia serrata, and Vitamin C.