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MGC Pharmaceuticals (MXC) Shares Rallied 30.4% on Preclinical Data

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Updated 16 Jun 2022

Key points:

  • MGC Pharmaceuticals shares rallied  30.4% on positive preclinical results.
  • The company released preclinical data bout its CBD treatment for cancer.
  • Today’s results indicated that CBD and CBG could treat glioblastoma.

The MGC Pharmaceuticals Ltd (LON: MXC) share price rallied 30.4% after releasing the results of a three-year preclinical study on the effectiveness of a combination of cannabidiol (CBD) and cannabigerol (CBG) in treating glioblastoma.

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Also read: The Best Biotech Penny Stocks Under $5 To Buy Now.

The combination of CBD and CBG proved pretty effective in treating glioblastoma cells within a laboratory environment, reducing the availability of the tumour cells and causing cell death. The tests were conducted on 30 glioblastoma biopsy samples drawn from 18 patients.

Investors were pleasantly surprised to learn that the addition of a standard chemotherapy treatment did not improve the effectiveness of the CDB and CBG combination. Therefore, the two drugs could work well without traditional chemotherapy.

MGC Pharma’s tests were focused on determining the correct ratio of CBD to CBG for treating glioblastoma. The company’s scientists did over 5,800 cell tests during the three years. As a result, the bio-pharma company concluded that the study showed that cannabinoids could effectively treat glioblastoma.

Roby Zomer, MGC Pharmaceuticals co-founder and Managing Director, commented: “The results of this trial are enormously exciting both for the company and for the treatment of fatal cancerous tumours. MGC Pharma’s research has demonstrated the effect of naturally derived cannabinoid products on stage IV brain tumours without the use of toxic chemotherapy components. We are proud of the work achieved thus far and are looking forward to advancing our proprietary formulation to the next stage of clinical trials.”

Investors cheered today’s announcement, as evidenced by the rally in MXC shares. However, the question remains, is now an excellent time to buy MGC Pharmaceuticals shares. The answer is that MXC shares look attractive at current prices, but the firm still has a long way to go before commercialising its drugs.

Therefore, investors should remember this when buying MGC Pharma shares.

*This is not investment advice. Always do your due diligence before making investment decisions.

MGC Pharmaceuticals share price.

MGC Pharmaceuticals share price 16-06-2022
Source: Tradingview

The MGC Pharmaceutical share price rallied 30.38% to trade at 1.1950p, rising from Wednesday’s closing price of 0.9165p.