MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) (FRA:H5O) has completed arguably its best-ever quarter, with a London Stock Exchange (LSE) listing and record sales highlighting a busy period.
The European-based biopharma company, developing and producing phytocannabinoid-derived medicines, released its March quarterly report this morning.
It also gained Ethics Committee approval for a Phase III trial to evaluate the efficacy and safety of its COVID-19 drug, CimetrA™, expanded its pre-clinical brain cancer study and locked in additional funding.
Break-even on the horizon
MGC CEO Roby Zomer told investors the company was now ready to capitalise on years of hard work.
“This has been a historic quarter for MGC Pharma, following our listing on LSE, along with record sales for our proprietary pharmaceutical products,” he said.
“MGC Pharma is well-positioned for the future, with clinical trials for CannEpilⓇ and CogniCann™ due to begin in the coming quarter, alongside phase III clinical trials for CimetrA™, 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.”
During the period MGC Pharma raised £6.5 million from institutional and high net worth investors to become the first medicinal cannabis company to list on the LSE.
It appointed an industry-leading sales executive in Nicole Godresse as its global chief sales officer to implement a focused, global growth strategy; Godresse has previously worked with Johnson & Johnson and Merck.
Record pharma sales
March was the best month in the company’s history in terms of sales revenue, with sales of its phytocannabinoid product line in Australia reaching almost 1,500 units sold.
That brings total cumulative sales of its phytocannabinoid products to just shy of $1 million for around 8,000 units, with that seven-figure mark set to be eclipsed in the June quarter.
MGC Pharma also signed a worldwide supply and distribution agreement and delivered its first major ArtemiC™ Rescue order to Swiss PharmaCan during the quarter, which brought in about $880,000 in revenue.
ArtemiC™ is a clinically tested food supplement (nutraceutical, dietary supplement, natural health product) containing four natural-based ingredients consisting of Artemisinin, Curcumin, Boswellia serrata and Vitamin C.
Research and development
MGC received Ethics Committee approval from the Rambam Health Care Campus, Haifa and Nazareth Hospital EMMS in Israel during the March quarter, for the Phase III clinical trial to evaluate the efficacy and safety of CimetrA™.
In December 2020, the company completed its Phase II clinical trial at Nazareth Hospital EMMS, Hillel Yaffe Hospital in Israel and Mahatma Gandhi Mission’s Medical College & Hospital in India.
During the trial, CimetrA™ met all its primary and secondary endpoints and statistically significantly improved the clinical recovery of COVID-19 infected patients.
It has also expanded an in-vitro study into the use of SNEDD nanotechnology for the treatment of aggressive glioblastoma brain cancer, while research programs with RMIT and HUJI received a REDI grant from the European Union to fund three PhD students to focus on research programs developed on MGC Pharma’s CannaHub platform.
– Daniel Paproth