MGC Pharmaceuticals reveals strategic objectives for H1 2024
London
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November 14, 2023 12:57 PM Eastern Standard Time
MGC Pharmaceuticals Ltd CEO and Managing Director Roby Zomer speaks to Thomas Warner from Proactive London following the completion of a share consolidation and capital raise.
With these restructuring initiatives completed, Zomer shares his enthusiasm for the future of the plant-based pharmaceutical company and outlines the strategic roadmap for 2024. Zomer emphasises the importance of the recent share consolidation, which involved restructuring the company's capital and introducing new investors aligned with MGC Pharma's long-term vision as a pharmaceutical entity.
The CEO highlighted that this move would facilitate the execution of the company's 2024 work plan, presented over the past six months during various roadshows.
Acknowledging the impact of the restructuring on existing shareholders, Zomer expresses optimism about the real opportunity it now presents. He explained that the capital raised in the past 18 months, coupled with new long-term investors, positions MGC Pharma to build a sustainable future, providing returns to shareholders who faced dilution.
Looking ahead to 2024, Zomer outlined key initiatives in the company's work plan. The focus will be on completing studies on CimetrA, a drug with potential applications, to enable submission to the FDA for an Investigational New Drug (IND) designation. Simultaneously, ongoing clinical trials will pave the way for seeking early access schemes in the United States and eventually obtaining marketing authorization globally.
The second drug, CannEpil, designed for drug-resistant epilepsy, will also undergo enrolment and IND submission, with efforts split evenly between both drugs. Zomer highlights the commercial focus on CannEpil in the UK and Ireland, but says CimetrA takes precedence in terms of IND submission, with both drugs considered essential for the company's progress.
As the pharmaceutical landscape evolves, Zomer anticipates increased sales of CimetrA through existing schemes, additional purchase orders, and revenue growth. By mid-2024, Zomer envisions CimetrA entering the IND process, with results from dose-finding studies and the initiation of the IND submission for CanAppeal.
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