MGC Pharmaceuticals halted with news pending on pre-clinical test results for ArtemiC

MGC Pharmaceuticals Ltd (ASX:MXC) is in a trading halt with an announcement pending in relation to pre-clinical test results on ArtermiC, which targets viral infections. The trading halt will remain in place until the start of regular ASX trading on Friday, August 7, or when an announcement is released to the market, whichever occurs earliest. MGC Pharma has a market cap of approximately $34.8 million and shares last traded at 2.2 cents. Safety and toxicity study results The company was encouraged by results from a safety and toxicity study completed in late July on mice for ArtemiC, showing no clinical signs or adverse reactions from the full panel of hematology and chemistry blood tests. This pre-clinical study was performed in the Science in Action Laboratory in Ness Ziona, Israel, with results confirming ArtemiC was administered safely in animal models in two separate doses. ArtemiC is designed with the scientific aim to target viral infections with inflammatory complications and is being evaluated in a Phase II clinical trial on novel coronavirus 2019 (SARS-CoV-2) infected patients. It is a natural supplement formula based on Artemisinin and Curcumin, along with supporting ingredients Vitamin C and Boswellia serrata, which are well-known natural active ingredients with anti-infective properties. Nine mice across three study groups were tested with 25ul, 50ul doses (comparable to more than 100 times the dose being used in the current clinical trial) and a control group to assess the safety and toxicity of the treatment on the cells. Results support the ArtemiC treatment regimen defined in the current Phase II clinical trial in COVID-19 patients and this data will be used for future clinical studies.