MGC Pharmaceuticals Ltd shares rise in London as distributor seeks Canadian
The natural health product has been seen to be effective in trials as a support recovery for COVID-19 patients.
Shares in (LON:MXC, ) opened higher in Wednesday’s deals after the medical cannabis and phytomedicines specialist revealed its North American distribution partner Glow LifeTech (CNSX:GLOW) applied for a licence in Canada for the ArtemiC product to be used as a Natural Health Product.
Changing hands at 3.46p the dual-listed shares were up 4.85% in London.
The application, submitted in March and presently under review by Health Canada, included ArtemiC supporting Coronavirus (COVID-19) Phase II clinical trial results.
It comes after results of a successful Phase II double-blind, placebo-controlled clinical trial which last year showed ArtemiC statistically improved the clinical recovery of COVID-19 patients in comparison with those that received the placebo.
A total of 100% of the patients in the treatment group in last year’s trial met the primary endpoint and fully recovered within 15 days. None of the patients supported by ArtemiC required additional oxygen, mechanical ventilation or intensive care, compared to 23.4% in the placebo group requiring further assistance.
MGC noted that the results delivered a full safety and efficacy profile, which is further supported by additional tests for toxicity and mechanism of action.
Under Canadian regulations, all NHPs must obtain pre-market approval from Health Canada to assure they are safe, effective and of high quality before being allowed to be sold in Canada.
MGC Pharma chief executive officer Roby Zomer said: “The submission of this application to Health Canada by Glow is an important and exciting step in the classification of ArtemiC as a Natural Health Product.
“Broadening the accessibility for the treatment for symptoms of COVID-19 and will help more people suffering with the symptoms of the disease.
“Approval of Glow’s application if granted will further highlight the robustness and effectiveness of our clinical trial processes in relation to treatments that we are able to develop and bring to market.”
ArtemiC is a clinically tested oral spray containing four natural active ingredients: Artemisinin, Curcumin, Boswellia serrata, and Vitamin C.
Read More: MGC Pharmaceuticals Ltd shares rise in London as distributor seeks Canadian