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MGC Pharmaceuticals hails pivot to medical products, legacy sales hit

Published 31/08/2023, 10:41 pm
© Reuters.  MGC Pharmaceuticals hails pivot to medical products, legacy sales hit
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MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) hailed a "year of great productivity" as it pivoted to medicinal products, with legacy sales hit by a change in legislation in Australia.

Medicinal product sales rose to A$1.9 million in from A$1.55 million a year earlier, according to preliminary results for the financial year ended 30 June 2023.

CannEpil, an investigational medicinal product, is now available in the UK under the Named Patient request scheme, where it can be prescribed by registered doctors, with the first UK patient receiving a dose through the 'I AM Billy Foundation', supporting the RESCAS study, while the first patient was enrolled in the ZAM app in association with an observational trial for CannEpil on patients with Refractory, or drug-resistant, epilepsy.

Also during the year, a US$1 million order of ArtemiC was received from US supply and distribution partner, AMC Holdings.

The decline in legacy sales saw total group revenue of A$3.4 million compared to A$4.7 million a year earlier, with net losses increasing to A$21.1 million from A$17.1 million.

its 30 June 2023, Preliminary Financial Report, an unaudited Full Year Financial Report required under the Australian Securities Exchange's Listing Rules.

Post year end, the company conditionally raised A$1.24 million (£0.65 million) before expenses via a placing and subscription and more recently drummed up A$834,000 of subscriptions, with A$1,851,728 to be placed under a shortfall offer.

Read more on Proactive Investors AU

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