MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC)’s December quarter activity report revealed the group made substantial progress in the lab while also completing its largest-ever order.
In the update, MGC said it continued to focus on ‘progressing’ the investigational new drug application (IND) in the US for the anti-inflammatory CimetrA.
It also hailed the successful completion of a study to assess the impact of ArtemiC Support on patients suffering from long-Covid. The evaluation demonstrated the ability of the immune system support product to alleviate physical symptoms and mental confusion.
In addition, peer-reviewed glioblastoma research findings were published in the international scientific research journal, MDPI.
In a comprehensive update, MGC confirmed the completion of the upgrade and EU good manufacturing practices (GMP) recertification of its Slovenian production and research facility.
"MGC Pharma has made significant strides in advancing its products along the clinical pipeline and continuing to undertake and publish research across MGC's sectors of interest. We are proud of the progress achieved thus far and look forward to new opportunities in the new year,” said managing director Roby Zomer in the statement.
Turning to the company’s commercial efforts, the highlight was a A$1mln shipment of ArtemiC bound for US partner AMC Holdings.
In all, sales for the quarter were almost A$1.9mln, while the cumulative total for the year was over A$4.5mln.
As of the end of the period, MGC had A$1.134mln of cash on hand and around A$9.23mln of funding capacity under the convertible financing facility provided by the Mercer Street Global Opportunity Fund.
The company’s cash flow report showed the net outflow was just over A$1mln.
MGC said it had made changes to reduce costs. The fees paid to directors have been reduced by about 35% and the cash pay for key executives has been decreased by 10-20%. This took effect on December 1, 2022.