MGC Pharma stock surges 60pc after launching COVID-19 study
Health & Biotech
Health & Biotech
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Shares in pot stock MGC Pharma (ASX:MXC) are surging after the company received approval for a clinical trial testing whether a new product in its portfolio can treat symptoms of COVID-19.
The stock surged by 60 per cent on Friday morning to 4c.
A phase two clinical trial in Israel received ethics approval from Nazareth Hospital EMMS to evaluate the safety and efficacy of MGC’s new supplement on 50 patients diagnosed with COVID-19.
Clinical trials are split into four parts. A phase one study checks whether a drug is safe for humans. A phase two wants to find out whether a drug works while a phase three does the same but in a larger and more diverse group of people. Phase four studies are done once a drug is available for sale publicly and looks at real world efficacy and side effects.
MGC signed a manufacturing and distribution deal this month with the developer of the supplement, Micelle Technology.
Stockhead is seeking comment from MGC Pharma.
Both companies are looking for hard clinical data to back the theory that the main ingredients in the supplement have enough anti-inflammatory and anti-infection abilities to fight the worst symptoms of the pandemic virus.
One of the main ingredients is used as Malaria treatments while the other is widely suspected to help with inflammation.
The study is expected to start this month and will be conducted over 14 days. Results are due in October.
It will test the supplement against a placebo and look primarily for clinical improvement in symptoms within 24 hours and any adverse reactions to it.
The secondary endpoints are survival rates, incidence of intensive care unit stays and duration, time on supplemental oxygen, and the number of people who still have fever and trouble breathing after 14 days.
MGC Pharma says the main ingredients of it supplement have been tested and found to be safe in humans.