MGC Pharmaceuticals Shares Soar as Covid-19 Drug Gets Over-the-Counter Status in US

By Christian Moess Laursen

Shares in MGC Pharmaceuticals Ltd. jumped as much as 51% in early London trade Tuesday after the company said its Covid-19 and anti-inflammatory treatment Artemic has been listed as an over-the-counter drug and can be bought in U.S. pharmacies from next month.

At 0851 GMT, shares in London were up 0.10 pence, or 23.5% at 0.53 pence having reached 0.65 pence earlier in the session.

The London and Australia-listed biopharma company said Artemic has been listed on the National Drug Code Database of the U.S. Food and Drug Administration.

"The listing of Artemic as over-the-counter drug, provides significant access to the largest healthcare market in the world and stands as a major milestone MGC's growth progression," Chief Executive Roby Zomer said.

MGC said the listing was facilitated by its U.S.-based supply and distribution partner AMC Pharma USA, LLC., which subsequently has placed a $2 million purchase order for the drug.

Production is to start immediately with delivery in two installments, one in each of third and fourth quarter this year, MGC said.

The new over-the-counter status means that AMC is able to sell Artemic at U.S.-based pharmacy benefit -management networks from April 2023, with other independent outlets still in talks with AMC.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

March 21, 2023 05:13 ET (09:13 GMT)

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