MGC Pharma has announced it has commenced the Phase II clinical trial for its trial drug ArtemiC on patients diagnosed with COVID-19.
MGC Pharmaceuticals (ASX:MXC), a European based biopharma company that develops and supplies affordable standardized phytocannabinoid derived medicines, is looking to expand its drug portfolio in an enormous way.
Today, MGC announced that the first patients have been recruited to begin a trial at the Nazareth Hospital in Israel, to test out the company's immune-modulating formulation 'ArtemiC' on patients with COVID-19. The commencement follows the recent approval by the Human Research Ethics Committee.
The Phase II trial at the Nazareth Hospital will be double-blind and placebo-controlled and will include a total of 50 patients. Each week the company expects new patients to begin treatment, with the trial concluding in September this year and results to become available roughly a month later.
The results from the trial will determine the efficacy of the Product and whether it is a suitable treatment for the pathophysiological repercussions of infection with the novel coronavirus 2019 (SARS-CoV-19).
MGC Pharma will own the intellectual property generated from the trial, and if successful, the current trial may provide insights to support future trials, which may strongly affect MGC's future considerations to establish supply and sale agreements of the Product.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "This is a very exciting milestone for the Company and the Trial, and we look forward to updating our shareholders on results as they come to hand."
The drug represents a major opportunity for MGC, as cases of COVID-19 have currently surpassed 3.6 million, resulted in over 250,000 deaths, and the worst economic downturn since the Great Depression. As of yet, there is no approved cure for coronavirus, and with unemployment skyrocketing globally, the demand is enormous.
To learn more about MGC Pharma, visit the company HQ here.
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