MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) shares jumped on Tuesday after director Dr Stephen Parker showed his support for the company's 'Nature to Medicine' medical cannabis strategy with an on-market purchase of shares.
The company said Parker snapped up 282,316 shares for £10,000 in what was his first piece of director dealings.
Shares were up 19% to 3.8p in mid-morning trading.
MGC Pharma, which has corporate headquarters in Australia and operations in Slovenia and coming on stream in Malta, floated on London's main market in February with a £6.5mln fundraising.
Rising sales of its proprietary cannabinoid products drove pharmaceutical revenues up more than fivefold to A$741,911 its recent half-year results showed, with sales coming from CannEpil, a CBD-based medication that is used as a treatment for people with refractory epilepsy and its affordable MP Line high-THC formulations.
ArtemiC distribution agreement
Last month MGC also secured its first deal to supply its food supplement product, ArtemiC.
ArtemiC works as an anti-inflammatory and has been shown to reduce and prevent the cytokine storms seen in the worst affected COVID-19 patients.
The company’s distributor, Swiss PharmaCan, recently increased its initial order volume for ArtemiC Rescue, an anti-inflammatory product targeting COVID-19, by 85%.
MGC Pharma has stated that it has sufficient production capacity to fulfil the first delivery, which is worth around US$425,000.
Phase II trial results
ArtemiC has proven itself in a phase II clinical trial where it was shown to prevent deterioration of COVID-19 patients and help them achieve faster clinical improvement.
The product contains four ingredients; Artemisinin, Curcumin, Boswellia serrata, and Vitamin C, and has been found to be safe with no adverse drug events.