MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) said on Friday that the three months to March 2023 had proved to be "significant", as sales climbed and a host of landmarks were reached.
Clinical trials of MGC’s CimetrA drug continue to demonstrate anti-inflammatory effects, the company updated, with the results set to be used in a US new drug submission.
Over-the-counter status was also granted for MGC’s ArtemiC Covid-19 treatment in the US during the quarter, prompting a US$2mln deal with distributor and supplier AMC.
Around £2.09mln was raised following the end of the quarter, meanwhile, in a “successful fundraise” supported by high net worth individuals in both the UK and Australia.
"The March quarter has proved significant for the company,” chief executive Roby Zomer said. “This clinical trial pathway and pipeline have been major catalysts in the fundraise and activities post quarter end.
“We will continue to build on this momentum, increasing our global retail footprint and meeting the highest standards of pharmaceutical excellence."
Cumulative sales climbed above A$4.5mln for the year, despite seasonality issues, while overheads were reduced by 3% in the most recent quarter following a rationalisation review.
Cash sat at A$315,000 by late March, the company added, with A$7.65mln of funding capacity also available under a convertible securities financing facility with Mercer Street Global Opportunity Fund.