MGC Pharmaceuticals secures funding through to the end of 2024
London, UK
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November 01, 2023 11:08 AM Eastern Daylight Time
MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) CEO and Managing Director Roby Zomer speaks to Thomas Warner from Proactive London about the recent securing of the single largest injection of funding in the company's history.
Following a difficult period of restructuring for the business, the investment provides the company with financial stability through to the end of 2024. MGC aims to progress its leading drugs, CannEpil and CimetrA, toward FDA approval and expand its medicinal footprint via early patient access schemes in the UK, Ireland, and other regions.
Crucially, the recent funding influx originated primarily from Israel and the United States, indicating a shift in MGC's financial grounding. While historically reliant on Australian and UK capital, the company now sees American investors recognizing its potential, especially in FDA registrations in the lucrative US pharmaceutical market.
Furthermore, MGC's European operations continue to strengthen, with production facilities in Slovenia and Malta and headquarters in Slovenia and the UK. For existing shareholders, Zomer assures that the restructuring and new investment ensure that the company remains on track to meet its goals. Reflecting on the company's challenging journey, Zomer emphasises the importance of persistence and belief in the company's mission.
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