Shares in ASX-listed MGC Pharmaceuticals shot out of the blocks in opening trades on Tuesday following news that the company’s Phase 2 Clinical trial of its ArtemiC anti-inflammatory formulation had achieved a remarkable 100 per cent success rate in assisting the recovery of 50 COVID-infected patients.
With much of Europe and North America trapped under the pall of a COVID winter, medicinal marijuana specialist, MGC Pharmaceuticals, has produced a stunning Phase 2 Clinical trial result meeting all primary and secondary endpoints of the study, with 100 per cent of treated patients recovering within 15 days.
Importantly, none of the patients in the treatment group required additional oxygen or admission to intensive care for mechanical ventilation, with measurable recovery levels noted within four to seven days. By comparison, over 23 per cent of the placebo group required additional clinical assistance.
MGC Managing Director and Co-founder, Roby Zomer said the results present a transformational opportunity for the company.
The safety and efficacy demonstrated on COVID-19 patients has now opened the opportunity for a whole range of other indications related to cytokine storm. The Company will now look to progress the immediate opportunities for ArtemiCTM while continuing to pursue further clinical developments.
News of the trial results drove MGC shares 25 per cent higher in opening trades on heavy turnover. Interestingly, and in some unusual price action, the share price gradually drifted throughout the day on light volumes to close the session unchanged.
MGC Pharma’s trademarked ArtemiC product is a natural food supplement formulation based on Artemisinin and Curcumin mixed with supporting ingredients, Vitamin C and Boswellia serrata, both of which are well-known natural active ingredients with anti-infective properties.
In its attempts to combat the symptoms of the Coronavirus, the company said its ArtemiC clinical study met all US Food and Drug Administration regulatory requirements, including a full safety and efficacy profile, by improving and expediting the recovery of moderate COVID-19 patients.
The company says it will look to rapidly advance discussions towards striking contracts on the commercial-scale supply of ArtemiC to target a wide range of diseases related to cytokine storms such as pneumonia, acute respiratory syndrome, autoimmune diseases, inflammatory GI diseases, flu and chemotherapy patients.
MGC says a major factor in the success of the Phase 2 trial of ArtemiC was the reduction in the excessive inflammatory response known as cytokine storm. Cytokine storm is thought to play a significant role in the clinical deterioration of those patients suffering COVID-19 who are severely affected by infection.
The company said its planned Phase 3 clinical trial will be an international, multi-centre study with up to 205 participants and is set to fire up in the next few months, targeting both COVID and flu patients.
Whilst the company’s competitors keep ducking and weaving in the global fight to find the proverbial silver bullet or cure for COVID-19, MCG Pharma has instead been patiently focussed on producing a ‘silver blanket’ treatment for the disease.
MGC Pharma certainly appears to be winning the fight with its ArtemiC product about to enter a Phase 3 clinical study and manufacturing expected to kick off at its European facility, as soon as possible afterwards.
NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine or drug.
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