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MGC Pharmaceuticals Ltd ('MGC Pharma' or 'the Company'), an EU based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines, is pleased to announce that it has signed a binding US Market Supply and Distribution Agreement (US Supply Agreement) with US company, AMC Holdings Inc (AMC), with minimum orders of US$24 million for MGC products including CannEpil®, CogniCann® and CimetrA™ over the initial 3 year period.
- MGC Pharma has executed a binding, 3-year US market Supply and Distribution Agreement with US based Company, AMC Holdings Inc (AMC), with minimum orders of US$24 million of MGC phytomedicine products including CannEpil®, CogniCann® and CimetrA™.
- This is MGC Pharma's first USA supply agreement dedicated to taking MGC's pharmaceutical phytocannabinoid products into the world's largest healthcare market.
- US$3 million order for CannEpil®, CogniCann® and CimetrA™ for Year 1 to be placed 5 days from grant of a National Clinical Trial Number, with an additional US$21m of orders over years 2 and 3.
- For the Year 1 minimum order, AMC will pay MGC Pharma US$750,000 in advance prior to the receipt of the products, followed by an irrevocable US$2.25 million Letter of Credit.
- AMC has been founded by leading US Healthcare and ex-Federal Government legislative and regulatory executives, as a specialist vehicle for the import and distribution of specialist phytomedicines into key US markets
- AMC is seeking to expand the research and growth of phytomedicinesin the USA, and view MGC Pharma as the leader in the sector
- Clinical trials in the US for CannEpil®, CogniCann® and CimetrA® will be initiated by AMC and leading research institutes in the US, subject to Global Ethics Committee approval, as additional sites to the ongoing trials in Israel and Australia
- AMC will seek US regulatory approvals for all products which they intend to distribute, including import licenses, as well as undertaking clinical trials in the US, all the way through to US Food and Drug Administration (FDA) approval
- AMC and MGC will first seek approval to distribute and issue CannEpil® to patients via Florida's Early Access Scheme