MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) said a new facility in Malta that will be used to produce its potentially breakthrough plant-based COVID-19 treatment has been completed on time and to budget.
The plan is to immediately begin the equipment fit-out and commissioning of the operation, which will produce 20,000 liquid doses per day of CimetrA, double the output originally envisaged.
MGC received a €3.1mln Maltese grant to help fund the work.
Managing director Roby Zomer said: "The completion of the construction of the CimetrA facility in Malta, the company's second EU based production facility, continues to strengthen our strategic position in pharmaceuticals development and manufacturing, and provides the company with flexible production capacity, which includes production of CimetrA, MGC Pharma's proprietary treatment for the symptoms of COVID-19."
As well as being developed as an anti-inflammatory, CimetrA, a blend of Curcumin and Boswellia, is thought also to act as an immunomodulatory agent. On Monday (November 1), the company said a COVID-19 dosing trial had been given approval.