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.
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 ArtemiCâ„¢. 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, ArtemiCâ„¢.
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, ArtemiCâ„¢, 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.