MarketScreener: MGC Pharmaceuticals' Shares Surge as their Covid-19 Drug is Granted Over-the-Counter Status in the US.
Christian Moess Laursen shared a segment of his blog in a more liberated style.
At the beginning of trading on Tuesday, MGC Pharmaceuticals Ltd. saw a significant increase of 51% in their share value after announcing that their treatment, Artemic, for Covid-19 and inflammation is now available as an over-the-counter medication in the United States. Consumers will be able to purchase it from local pharmacies starting next month.
London shares experienced an increase of 0.10 pence, representing a 23.5% rise and were trading at 0.53 pence at 0851 GMT. It had previously reached a high of 0.65 pence earlier in the trading session.
The biopharmaceutical company, which is listed in London and Australia, announced that the U.S. Food and Drug Administration has added Artemic to its National Drug Code Database.
Artemic's inclusion in over-the-counter drugs is an important achievement for MGC's expansion, according to Chief Executive Roby Zomer, as it grants them considerable entry to the world's largest healthcare market.
According to MGC, their drug has been listed for sale thanks to their American partner, AMC Pharma USA, LLC. AMC Pharma USA has already ordered $2 million worth of the drug.
According to MGC, they will commence production straightaway and distribute the goods in two parts. The first installment will be delivered during the third quarter, whereas the second will be in the fourth quarter of this year.
With a recent change in status, AMC can now offer Artemic without a prescription in the US. Starting April 2023, the drug will be available through pharmacy benefit-management networks. Discussions are still ongoing with independent outlets interested in selling the product.
Send an email to Christian Moess Laursen at [email protected]
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