Key Facts about MGC Pharmaceuticals (ASX: $MXC) Interim Financial Report

MGC Pharmaceuticals (ASX: $MXC) has released its consolidated interim financial report for the half-year ended 31 December 2023. The report shows a 36% improvement in consolidated operating losses compared to the previous year, amounting to A$7.1 million. No dividends were paid or recommended during the financial period. The company completed a comprehensive corporate restructuring, including a 1,000:1 consolidation and conditionally raised a total of US$7.9 million and US$0.5 million, totaling US$8.4 million.

Executive Commentary from Roby Zomer, Managing Director and CEO of MGC Pharmaceuticals

Roby Zomer, Managing Director and CEO of MGC Pharmaceuticals, expressed satisfaction with the company's growth across all fronts in the 6-month period to 31 December. He highlighted the successful completion of a comprehensive corporate restructuring, including a 1,000:1 consolidation, and the securing of a substantial order worth US$1 million from AMC Pharma for the production of ArtemiC™. Zomer also mentioned the company's import permit for psilocybin to its Slovenian research facility and the FDA approval in Saudi Arabia for its proprietary product, ArtemiC™.

Summary of MGC Pharmaceuticals (ASX: $MXC) Interim Financial Report

MGC Pharmaceuticals (ASX: $MXC) reported a 36% improvement in consolidated operating losses for the half-year ended 31 December 2023. The company completed a comprehensive corporate restructuring, including a 1,000:1 consolidation, and conditionally raised a total of US$8.4 million. Key highlights included securing a substantial order worth US$1 million from AMC Pharma, receiving FDA approval in Saudi Arabia for its proprietary product, ArtemiC™, and obtaining an import permit for psilocybin to its Slovenian research facility. The company aims to expand sales in Australia and execute its pharmaceutical workplan for 2024.