Investors eye MGC Pharma’s Long Covid drug following positive trial
Medicinal cannabis company MGC Pharmaceutical caught the eyes of investors yesterday, following positive results from a clinical study of its Long Covid drug.
The London-listed bio-pharma firm tested its drug Artemic Support on 60 Covid-19 vaccinated patients suffering from Long Covid.
Patients who were administered the drug twice a day for six weeks showed “significant improvement” in symptoms of Long Covid including shortness of breath, pain, brain fog, headaches, depression and sleep disruption.
“The clinical study has demonstrated that MGC Pharma’s Artemic Rescue formulation has markedly affected outward symptoms of Long Covid, which is an excellent step forward in progressing the clinical proof of the benefits of Artemic,” Roby Zomer, co-founder and managing director of MGC Pharmaceuticals, said in a statement.
“That the product could help to explain changes in the symptoms of Long Covid patients is an extremely promising development for the company, with significant potential commercial developments we hope to explore further through future studies.”
As of the September, 2.3 million people in the UK – the equivalent of 3.5 per cent of the population – were experiencing Long Covid, according to official figures.
Fatigue is the most common symptom reported by sufferers, followed by difficulty concentrating, shortness of breath and muscle ache.
MGC’s shares rose more than six per cent to 0.85p per share by mid-afternoon, pushing up the company’s five-day average into the double digits.
The plant-based pharma firm – alongside most other science and technology stocks – has been exposed to weakening investor confidence and falling risk appetite in recent months, which has seen investors dive out of tech stocks.
The company’s stock price has fallen more than 62 per cent in the year to date.