MGC Pharma has released its first market report after its historic listing on the London Stock Exchange.
The Australia-based company become the first from the cannabis industry to gain access to the prestigious institution in February, a move widely seen as a breakthrough for the sector at large.
Now MGC Pharma has reported record sales of its proprietary products over the last three months, delivering 880,000 Australian dollars worth of revenue.
The company has also made a significant senior appointment: Nicole Godresse, previously of pharmaceutical firm Johnson & Johnson and most recently of another cannabis firm, Tilray, has joined as global chief sales officers.
Doctor Stephen Parker has been appointed as senior independent director in addition to his chairmanship of the three governance committees and ‘will be the first point of contact for shareholders wishing to contact the company regarding governance issues’.
The company has received approval for phase three trials to commence in Israel and funding for three PhD students to work on projects related to its products.
Roby Zomer, CEO of MGC Pharma, commented: “This has been a historic quarter for MGC Pharma, following our listing on LSE, along with record sales for our proprietary pharmaceutical products.
“MGC Pharma is well positioned for the future, with clinical trials for CannEpilÒ and CogniCannTM due to begin in the coming quarter, alongside phase III clinical trials for CimetrATM, which have the potential to treat the many people suffering as a result of Covid-19.
“MGC Pharma is now in an excellent position to realise its potential and build on the foundations that have been set in the past 12 months, as we remain on target to reach break even this financial year.”
Earlier this week, the company announced it has acquired a clinical research firm to help ramp up its trial activity.
The move to absorb research company MediCaNL will bring the design and management of clinical trials in house and ‘deliver immediate and significant cost savings’, a spokesperson said.
Directors at MGC Pharma believe the move – which is worth six million Australian dollars worth of shares – will streamline its research output and build ‘stronger relationships with regulators’.
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