MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) reported 4% growth in first-half revenues, continued clinical progress and a “refocused” approach following a strategic review.
The review of business operations resulted in a more focused product development strategy with initiatives to reduce costs 35%.
Revenues reached A$2.66mln in the six months to end-December, up from A$2.58mln a year earlier, with 57% of sales during the latest period being from plant-based long-Covid treatment ArtemiC to US distribution partner AMC Holdings.
Total losses for the half-year were A$10.75mln, compared to A$8.24mln last time.
Chief executive Roby Zomer highlighted progress in advancing clinical products, as well as work to develop sales markets in both the EU and USA.
“The strategic review of the company’s strategy and business operations has refocused the company onto its core pharma development activities as it continues towards its strategic goal of developing into a global pharmaceutical company.”
By redefining the company’s core pharma focus and with relationships developing with partners Sciencus Rare and AMC Holdings, he said, “we strongly believe that we now have the right foundations in place to enable the business to continue to progress its development, including fulfilling additional regulatory conditions required for the IND application for CimetrA in the US”.
January saw successful completion of pre-clinical rodent studies on CimetrA, a plant-based anti-inflammatory.