Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
MGC Pharmaceuticals (LON: MXC) said the phase 3 clinical trial to evaluate the efficacy and safety of CimetrA as a treatment for hospitalised patients diagnosed with COVID-19 has now commenced following the recruitment of the first patient.
The company's co-founder and managing director, Roby Zomer, said the trial commencing “is a milestone for both MGC Pharma and the medicinal cannabis industry.”
In total, 252 patients will be enrolled in the double-blind placebo-controlled clinical trial following the CimetrA Investigational Medicinal Product (IMP) production, validation, and ethics committee approval.
The study's results will also be submitted to the European Medicines Agency (EMA).
“Testing CimetrA™ as an IMP will have great implications for those suffering with COVID-19 and ensure the risk of healthcare systems becoming overwhelmed is minimised,” said Zomer.
MGC Pharmaceuticals share price is up 2..3% at 2.14p following today's news.
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