TIDMMXC
RNS Number : 6570N
MGC Pharmaceuticals Limited
26 September 2023
MGC Pharmaceuticals Ltd.
Letter From the Managing Director
26 September 2023
ASX, LSE: MXC
Dear Shareholders,
I would like to provide you with an update on the Company's
status and progress on all fronts.
While this past year has presented major challenges in the
equity capital markets, the Company has successfully achieved
significant progress on clinical and commercial milestones.
The Company has made great strides in transitioning into a pure
pharmaceutical entity, divesting non-pharmaceutical activities, and
refocusing our efforts on our leading medicines, CannEpil(R)
(targeting Refractory Epilepsy) and CimetrA(R) (Immunomodulation
treatment for COVID-19, anti-inflammatory & Lupus). We also
have an expanding future pipeline, led by CogniCann(R) (Dementia
and Alzheimer's), positioning us as a relevant player in the
pharmaceutical industry, with products accessible through early and
specialised access programmes.
Pleasingly, CannEpil(R) is now fully covered by the National
Health Insurance in Ireland, and it is available in the UK under
the oversight of the General Medical Council. The first UK patient
received CannEpil(R) through the 'I AM Billy Foundation', which
supports the Refractory Epilepsy Specialist Clinical Advisory
Service (RESCAS) study (RESCAS being part of the UK National Health
Service).
Additionally, CimetrA (R) has gained access to the US market as
an over-the-counter (OTC) unlicenced drug, sold under the name
ArtemiC(TM), with a promising commercial outlook having received
multiple purchase orders totalling over US$1 million in sales and
more than 50,000 units dispatched to the US market.
In addition to our clinical and research progress, the Company
has made operational advancements on the ground, including the
commissioning of a fully automated Class C - EU-GMP facility in
Malta, which is supported by the Maltese government and Malta
Enterprise. Furthermore, we received permission from the Slovenian
Ministry of Health to undergo scientific research development on
the psychedelic compound Psilocybin. The permission granted covers
the development of analytical methods, research of
physical-chemical properties of Psilocybin and development of
pharmaceutical forms that would be suitable for administration.
Over the past 12 months, we have endeavoured to leverage this
progress to secure the necessary funding required to lead us to a
pivotal milestone for our company: the submission of our IND's for
CannEpil(R) and CimetrA(R).
However, despite our material operational achievements, the
Company currently finds itself at a critical financial juncture.
The Company's share price has failed to appreciate and
underwhelming fundraising efforts during the year have not provided
the Company with the medium to long term financial stability
required.
Regrettably, due to market conditions, we have faced extreme
difficulties in raising funds in the UK primarily, and in
Australia, despite our continued progress on the research front and
our proximity to our IND submissions.
In response, the Board and management have been forced to take
decisive action and design a restructuring plan to secure long-term
financing that will provide the Company with the necessary runway
required to achieve key inflection milestones to help restore value
in MGC Pharma. This plan will reduce our reliance on constant
capital raising and allow us to complete an 18-month work plan.
This financial and capital restructuring will bring greater
stability and re-position the Company to be more attractive for
institutional support, while enabling our management team to focus
on delivering our key milestones such as submitting our first IND
to the FDA, increasing our sales figures, and completing our
clinical programmes.
We understand this restructure will be difficult for many
shareholders. However, in light of dire alternatives, the Board and
Management believe this is a necessary action to help to sustain
the Company's future and financial security beyond the short to
immediate term.
On behalf of the Board, we hope to have your continued support
as we invite you to be part of our necessary restructuring to
continue on the path to provide innovative medicines globally to
meet unmet medical needs.
Yours faithfully,
Roby Zomer
-Ends-
Authorised for release by the Managing Director, for further
information please contact:
MGC Pharmaceuticals Ltd MGC Pharmaceuticals Ltd
Roby Zomer Rowan Harland
CEO & Managing Director Company Secretary
+61 8 6555 2950 +61 8 6555 2950
info@mgcpharma.co.uk info@mgcpharma.co.uk
UK IR/PR Advisers UK Brokers
IFC Advisory Oberon Capital
Graham Herring / Tim Metcalfe / Aimee McCusker / Adam Pollock
Zach Cohen +44 203 179 5300
+44 203 934 6630 aimeemccusker@oberoninvestments.com
mgcpharma@investor-focus.co.uk adampollock@oberoninvestments.com
About MGC Pharma
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based
pharmaceutical company, focused on developing and supplying
accessible and ethically produced plant derived medicines,
combining in-house research with innovative technologies, with the
goal of finding or producing treatments to for unmet medical
conditions.
The Company's founders and executives are key figures in the
global pharmaceuticals industry and the core business strategy is
to develop and supply high quality plant derived medicines for the
growing demand in the medical markets in Europe, North America and
Australasia.
MGC Pharma has a robust development pipeline targeting two
widespread medical conditions and has further products under
development.
MGC Pharma has partnered with renowned institutions and academia
to optimise the development of targeted plant derived medicines, to
be produced in the Company's EU-GMP Certified manufacturing
facilities.
MGC Pharma has a growing patient base in Australia, the UK,
Brazil and Ireland and has a global distribution footprint via an
extensive network of commercial partners meaning that it is poised
to supply the global market.
Follow us through our social media channels:
Twitter: @MGC_Pharma
Facebook: @mgcpharmaceuticals
LinkedIn: MGC Pharmaceuticals Ltd.
Instagram: @mgc_pharma
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END
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September 26, 2023 02:36 ET (06:36 GMT)
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