MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has raised £2,090,890 (more than A$3.8 million) in a share placement to Australian and UK-based investors, with one free attaching option share for every two shares subscribed for.
In total, MGX placed 58 million new ordinary shares at A$0.08 per share and 29 million free attaching options exercisable at A$0.12 on or before April 12, 2024.
"This fundraise will provide MGC Pharma with the capital required to continue the excellent progress we have made advancing our clinical pipeline,” MGC Pharmaceuticals managing director Roby Zomer said of the capital raise.
"We see it as a vote of confidence in both our clinical pipeline and our strategy, which we continue to progress, most recently with the listing of ArtemiC as an OTC product by the FDA."
MGC Pharmaceutical pipeline
MGC Pharma is a European-based pharmaceutical company focused on developing plant-inspired medicines to meet unmet medical needs.
The company’s latest efforts include the CannEpil® epilepsy treatment, the ArtemiC COVID-19 drug, and research into psilocybin-based treatments in Europe.
The CannEpil treatment recently became available in the UK by Named Patient Request for doctors on the GMC specialist register.
The CannEpil® IMP formulation is a high-CBD, low-THC formulation, delivered by oral mucosal solution, and is part of a clinical development program for patients suffering from Refractory Epilepsy (also known as Drug Resistant Epilepsy).
Just last month ArtemiC was listed as an over the counter treatment for use in the United States as a non-prescription drug.