MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) said its ArtemiC Rescue food supplement was granted import approval in India, opening a potentially significant new market for the bio-pharma company.
ArtemiC Rescue which helps alleviate symptoms associated with Coronavirus (COVID-19) was approved by Indian regulators for import, distribution, marketing, and sales.
The product is now fully authorised and available for sale across India. MGC has completed a small batch import of ArtemiC Rescue into India as proof of concept with its local partner.
"We are proud of achieving the milestone of being granted Indian import and distribution approval for of ArtemiC Rescue, and are pleased to have the opportunity to alleviate the symptoms of COVID-19 in one of the largest populated countries in the world,” Roby Zomer, MGC managing director.
“Whilst the virus continues to mutate, as we have seen with Omicron, MGC Pharma is well placed to offer a solution on a worldwide scale to ease the pressure on national healthcare systems and aid the economic recovery of jurisdictions who have been widely affected by the pandemic."
ArtemiC Rescue is described as a clinically tested food supplement. It contains natural based ingredients including Artemisinin, Curcumin, Boswellia serrata, and Vitamin C.
The company’s distribution partner Swiss PharmaCan (TSX-V:MJN) AG described the approval as “a key milestone”.
“We are proud at Swiss PharmaCan (TSX-V:MJN) to continue developing the sales pipeline with MGC Pharma with our award-winning MyCellTM Technology," said Swiss PharmaCan chief executive Michel Fässler.
MGC is also working with partner Carino Water Solutions & Energy in India. Together they will continue to seek approvals for ArtemiC Rescue as a nutraceutical in a number of countries in order to provide support to COVID-19 patients in the alleviation of their symptoms.
Additionally, MGC said its pharma unit meanwhile is making progress on the long-term development of its Investigational Medicinal Product, CimetrA, through ongoing clinical studies and applications for Emergency Use Authorisation in India – along with other National Regulatory and Medical Agencies, including seeking FDA approval in the United States.
In September, the company revealed it was seeking Emergency Use Authorisation in India for CimetrA for the treatment of patients with COVID‐19, and this process is continuing. A patient study is required in India as part of that process, which is ongoing.