MGC Pharmaceuticals Ltd shares rise after director dealing
Last month the company secured its first deal to supply its food supplement product, ArtemiC
() () () shares jumped on Tuesday after director Dr Stephen Parker showed his support for the company’s ‘Nature to Medicine’ medical cannabis strategy with an on-market purchase of shares.
The company said Parker snapped up 282,316 shares for £10,000 in what was his first piece of director dealings.
Shares were up 19% to 3.8p in mid-morning trading.
MGC Pharma, which has corporate headquarters in Australia and operations in Slovenia and coming on stream in Malta, floated on London’s main market in February with a £6.5mln fundraising.
Rising sales of its proprietary cannabinoid products drove pharmaceutical revenues up more than fivefold to A$741,911 its recent half-year results showed, with sales coming from CannEpil, a CBD-based medication that is used as a treatment for people with refractory epilepsy and its affordable MP Line high-THC formulations.
ArtemiC distribution agreement
Last month MGC also secured its first deal to supply its food supplement product, ArtemiC.
ArtemiC works as an anti-inflammatory and has been shown to reduce and prevent the cytokine storms seen in the worst affected COVID-19 patients.
The company’s distributor, Swiss , recently increased its initial order volume for ArtemiC Rescue, an anti-inflammatory product targeting COVID-19, by 85%.
MGC Pharma has stated that it has sufficient production capacity to fulfil the first delivery, which is worth around US$425,000.
Phase II trial results
ArtemiC has proven itself in a phase II clinical trial where it was shown to prevent deterioration of COVID-19 patients and help them achieve faster clinical improvement.
The product contains four ingredients; Artemisinin, Curcumin, Boswellia serrata, and Vitamin C, and has been found to be safe with no adverse drug events.
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