MGC Pharmaceutical Ltd said it achieved its strongest quarterly sales to date in the three months to end-December, driven by its COVID-19 treatment ArtemiC.
The phytomedicines company also announced that the phase II clinical trial for Cognicann, its Investigational Medicinal Product (IMP) designed to treat patients with dementia and Alzheimer's disease, which is undertaken by the University of Notre Dame in Perth, Western Australia, has been delayed after logistics problems impacted the supply of the product to into Australia, while COVID-19 restrictions have hampered access to trial participants.
Completion of the trial, which had been scheduled for December 2021, is now expected in June 2022.
MGC said sales came in at US$1.8mln in the fourth quarter, with ArtemiC sales accounting for 60%, or US$1.07mln, of the total.
The company said it expects to see increased sales of ArtemiC over the next six months following the recent approval for import and sales of the product into India.
The fourth quarter also saw record sales of MGC's cannabinoid products with revenue of US$720,000, a rise of US$27,000 from the previous high recorded in the quarter to end-June 2021.
CannEpil sales grew significantly after it was added to Ireland's Primary Care Reimbursement Service, which provides the product free of charge to patients prescribed the product.
The US$750,000 deposit from AMC Holdings Inc., relating to its three-year US$3mln supply and distribution agreement for MGC's CimetrA, was not included in the fourth-quarter sales figure, as it will be recognished as revenue in future months, when the products are dispatched.
MGC said the CimetrA production facility in Malta was completed in the fourth quarter, on time and within budget.
CimetrA dose finding clinical trial sites have been established in Israel and submitted to ethics committees in the US, South Africa and Russia.
In addition, the clinical study on the influence of ArtemiC support on patients with long COVID began in Spain.
The company said the application for Emergency Use Authorisation of CimetrA in India remains ongoing and that it expects a response from the Indian authorities in the second quarter of this year.
"The last quarter of 2021 has encapsulated the year as a whole, with projects coming to fruition as a global business," said Roby Zomer, co-founder and managing director of MGC.
"We have achieved several major landmarks for the growth of the company, and look forward to building on these successes during 2022.
"We are particularly proud of the strides that we have made in the advancement of both CimetrA and ArtemiC, as we work towards gaining regulatory approval on these products into key global markets."
MGC said it had cash on hand of US$8.1mln at end-2021.