Shares of European-based bio-pharma company MGC Pharmaceuticals (LON: MXC) are creeping higher Monday on news the Israeli Ministry of Health has approved the dosing study for CimetrA, the company's proprietary treatment for the effects of COVID-19.
The study will determine the most effective combinations of the ingredients for dosage and further validate the anti-inflammatory and immune-modulatory effects of CimetrA.
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240 patients will be recruited to the study across Israel, the USA, South Africa, and Russia.
MGC, which specialises in the production and development of phytomedicines, said that completing the dosage study is the next phase in moving CimetrA towards marketing authorisation as a registered medicine.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, said: “This latest dosage study is the latest step as we move closer to being in a position to apply for marketing authorisation for CimetrA in territories across the globe.
“We believe that CimetrA will prove to be a vitally important drug in the treatment of COVID-19 going forward, and look forward to sharing the results of the study in due course.”
MGC Pharma's London-listed shares are up a modest 0.2% at 2.58p at the time of writing.
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