MGC Pharmaceuticals (ASX: $MXC) update

MGC Pharmaceuticals Ltd (ASX: $MXC), a European based pharmaceutical company, has successfully completed a comprehensive capital restructuring, raising US$500,000 through an equity placement. The company is strategically positioning itself for the FDA IND application process in 2024, focusing on its flagship treatments, CimetrA® and CannEpil®.

Executive commentary

This year has been a significant period of progress. This is a testament to the hard work and dedication of our team and we are excited about the opportunities that these additional funds will unlock as we continue to drive innovation, expand our operations, and create long-term value for our stakeholders. We are grateful for the trust placed in us and look forward to a promising future of sustained growth and success as the Company enters an exciting stage in its development.

Summary

MGC Pharmaceuticals Ltd (ASX: $MXC) has completed a US$500,000 equity placement to support its strategic vision of pursuing widespread distribution for its flagship treatments, CimetrA® and CannEpil®, and preparing for the FDA IND application process in 2024. The company aims to raise its profile in the capital markets, exploring opportunities to complement its existing public status on the London Stock Exchange and consider the U.S. market as a potential supportive capital market. The use of proceeds from the placement will be allocated to marketing costs and legal fees, as the company focuses on expanding its global footprint and unlocking new avenues for growth and collaboration. MGC Pharmaceuticals looks forward to a promising future of sustained growth and success as it enters an exciting stage in its development.