The MGC Pharmaceuticals Ltd (LON: MXC) share price rallied 9.76% after issuing its financial and operational report for the quarter that ended 31 March 2023. The company revealed that its COVID-19 treatment ArtemiC™ had been granted Over-the-Counter status in the USA and was in the FDA’s National Drug Code Directory.
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ArtemiC™ can now be sold through US pharmacy stores, and the company’s US distribution partner AMC has ordered a batch worth US$2 million after the drug was listed on the National Drug Code Database.
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MGC Pharma also revealed that it had enrolled the first patient in the ZAM app as part of an observational trial for CannEpil® on patients with Refractory, or drug-resistant, Epilepsy.
The company is also conducting clinical trials for use in the US FDA Investigational New Drug submission, which continue to demonstrate the efficacy and the anti-inflammatory effects of CimetrA™. The clinical trials cover the Mechanism of Action studies and the pharmacokinetic profile.
MGC Pharma also raised £2.09 million after the quarter ended, with the fundraising being supported by new and existing shareholders, brokers, and high-net-worth individuals in Australia and the UK.
In addition, the pharmaceutical company said it completed pre-clinical rodent studies on CimetrA™ in January, a significant step in the clinical pathway to its goal of an IND submission to the US Food and Drug Administration (FDA).
MGC Pharma’s March quarter sales figures were lower than average, primarily due to seasonality issues with its new year sales and the establishment of new pharma regulatory approvals and distribution channels for CannEpil in the UK and critical EU markets.
However, the company’s core activities build a strong foundation for future growth.
Roby Zomer, MGC Pharmaceuticals’ Co-founder and CEO, commented: “The March quarter has proved significant for the Company as we progress toward Investigational New Drug (IND) submission with the FDA for key proprietary products, CimetrA™ and ArtemiC™. This clinical trial pathway and pipeline have been major catalysts in the fundraise and activities post-quarter end. We will continue to build on this momentum, increasing our global retail footprint and meeting the highest standards of pharmaceutical excellence.”
*This is not investment advice.
MGC Pharma share price.
The MGC Pharma share price rallied 9.76% to trade at 0.45p, from Thursday’s closing price of 0.41p.
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