MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC), the pharma company known for its focus on creating innovative medicines, has announced a significant milestone: its product ArtemiC has received approval from the Food and Drug Authority in the Kingdom of Saudi Arabia. This marks a major step for the company in expanding its global reach.
ArtemiC, which has shown promise in aiding the recovery of patients from Covid and its long-term effects, was approved following successful phase II clinical trials and studies in Europe. The Saudi FDA has now cleared ArtemiC for use as an over-the-counter dietary supplement, broadening its accessibility to consumers.
In 2022, MGC Pharma partnered with Capital Blossom, a specialist consultancy, to help with its entry into key Middle Eastern markets including Saudi Arabia, Oman, United Arab Emirates, Bahrain, Kuwait, and Qatar.
This strategic move, alongside the joint venture efforts between Capital Blossom and its Saudi partner, played a crucial role in securing the approval from the Saudi FDA.
"We are delighted to receive Saudi FDA approval for ArtemiC which validates our product and follows the progress we had in USA earlier this year," said managing director Roby Zomer.
"We are hopeful this will materialise into commercial orders for MGC as we work closely with Capital Blossom Ltd who are specialists in this territory."