MGC Pharmaceutical’s (ASX:MGC) ArtemiC combats COVID-19

MGC Pharmaceutical’s (ASX:MGC) ArtemiC combats COVID-19

Health Care

ASX:MXC MCAP $55.57M

· MGC Pharmaceuticals (MGC) has concluded phase two clinical trials of anti-inflammatory drug ArtemiC, confirming the drug's ability to combat COVID-19

· The clinical trials found ArtemiC improves clinical recovery and prevents further deterioration in moderate COVID-19 cases

· All patients treated in the double-blind trials recovered within 15 days of follow up

· MGC says it plans to develop and commence a phase three clinical trial with up to 250 patients in the first half of 2021

· The ASX-lister can seek registration of ArtemiC and commence production and sale as a supplement should the final trial conclude successfully

· MGC shares have risen a healthy 9.38 per cent on the back of the news, trading at 3.5 cents each

MGC Pharmaceuticals has concluded phase two clinical trials of anti-inflammatory drug ArtemiC, confirming the drug's ability to combat COVID-19.

The clinical trials found ArtemiC improves clinical recovery and prevents further deterioration in moderate COVID-19 cases compared to a placebo.

None of the patients in the treatment group required additional oxygen, mechanical ventilation or admission to intensive care, in comparison with 23.4 per cent of the placebo group requiring further assistance.

All patients treated in the double-blind trials recovered within 15 days of follow up.

A spokesperson for MGC says the findings open up new potential market opportunities in treating a wide range of diseases and immune conditions.

The ArtemiC trial also met all the requirements for a U.S. Food and Drug Administration (FDA) COVID-19 treatment study.

Read the full story on The Market Herald