MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has raised A$1.335 million via a share placement and subscription as well as a loan to bridge the company’s current working capital requirements.
The fundraising comprises a new share issue amounting to £0.65 million (A$1.24 million) and a loan of £50,000 (A$95,000) from the company’s chief executive officer and managing director Roby Zomer.
Certain members of the management team are expected to take up the new share offer.
Reducing costs
MGC, a pharmaceutical company specialising in the production and development of plant-derived medicines, is exploring additional cost reduction measures to further increase its working capital.
Additionally, a number of potential funding options are being discussed and a solution should be forthcoming.
About the company
MGC is focused on developing and supplying accessible and ethically produced plant-inspired medicines for markets in Europe, North America and Australasia.
Combining in-house research with innovative technologies, the company’s objective is to find or produce treatments for unmet medical conditions.
It has a robust development pipeline targeting two widespread medical conditions and has further products under development.