Shares in UK and Australia-listed MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) opened strongly in London after a positive session down under – which at one point saw the stock soar 57%.
The catalyst was the listing by the US Food & Drug Administration of its Covid treatment ArtemiC as an over-the-counter drug.
This in turn prompted AMC Pharma to place a US$2 million order under a supply and distribution deal the two companies have.
At 8.25 am, the shares were changing hands for 0.5p each, up 0.12p, or 30%