The MGC Pharmaceuticals Ltd (LON: MXC) share price surged 6.67% after enrolling the first patient in its proprietary data collection App and machine learning algorithm, ZAM. The app will collect the data from an observational study tracking the effects of MGC Pharma's epilepsy treatment, CannEpil®.
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Investors cheered the announcement, as evidenced by the brief rally in MGC Pharma shares, but the rally did not last as MXC shares quickly gave up all their initial gains to trade flat at the time of writing. Still, this does not dilute the significance of today’s milestone, which kicks off the observational study.
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The app will record the daily metrics generated by patients, including their symptoms and the effect of the epilepsy treatment on their health, to establish a baseline. The data will provide MGC Pharma and medical practitioners with an in-depth record of the study, helping them understand the impact of CannEpil® on patients suffering from Refractory Epilepsy.
The ZAM app will also remind patients to take their medication at the specified times, and in the manner their medical practitioner advises. It will also measure the patient’s progress throughout the treatment and allow qualified doctors to prescribe alternative treatments after a consultation.
The “I am Billy” Foundation supports the clinical trial, a charity that helps parents and families obtain medical cannabis for their children through NHS-funded programs.
MGC Pharma describes itself as a European-based pharmaceutical firm specialising in producing and developing plant-inspired medicines, which explains its partnership with the “I am Billy” foundation.
Roby Zomer, MGC Pharmaceuticals’ co-founder and Managing Director, commented: “The enrolment of the first patient in the ZAM App in the UK enables us to fully record the impact and efficacy of our products undergoing trials. Consolidation of data is of paramount importance in ensuring the safety and efficiency of MGC's proprietary products, and we see the integration of both pharma and tech as a revolution in the clinical trial process. We are proud to be supporting the “I am Billy” foundation in this endeavour and are pleased to be recognised as a leading company in the sector.”
*This is not investment advice.
MGC Pharma share price.
The MGC Pharma share price rose 6.67% to trade at 0.0080p, from Tuesday’s closing price of 0.0075p.
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