Healthcare microcap MGC Pharma (ASX:MXC) is to commence a trial using its CimetrA product on covid-19 patients in South Africa.
The company has today announced its receipt of ethics approvals and an import licence to ship its product to the jurisdiction.
CimetrA, MGC is hopeful, will be proven in the trial as a powerful anti-inflammatory benefitting patients with covid-19 symptoms.
The study will give MGC a wider set of data to use after another test last year based in Israel, with interim results of that study due in the coming quarter.
MGC notes it is also collecting data on ‘long covid,’ where symptoms of the illness persist for far longer than the immediate flu-like effects.
MGC notes today the South African trial will provide it with data to accelerate obtaining of international regulatory permits.
The company is confident in its position CimetrA can treat conditions where a primary factor is inflammation, though investors should note this would likely see it used in conjunction with other medicines.
Right now, MGC shares are up 12.5% on a one week basis, though the market has arguably overlooked today’s news.
This could be inspired by reluctance or fatigue to hold the stock: year to date performance is down -51.3%.
MGC has a market cap of $49m and is ranked 107 out of 210 companies in the health sector.
With interim results from the Israeli covid study soon to be released, MGC’s share performance could quickly recover in the second half of the year, depending on the data.
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