MGC Pharmaceuticals said it had dismissed a senior executive following breaches of share trading rules.
An internal investigation confirmed that the unnamed person (the PDMR or person discharging managerial responsibilities) failed to comply with the company's trading policy on numerous occasions during their employment.
On these occasions, the PDMR disposed of shares in the company during 'Closed Periods' and prior to announcements of information relating to the company, to which the person was privy.
Due to the serious nature of these breaches, the PDMR's employment with the company has been terminated, MGC said.
Following this incident, MGC added it had arranged additional training with all PDMRs and employees to reinforce the importance of compliance with the company's trading policy.
Stephen Parker. MGC’s chair, added: "The values, ethics and integrity of MGC Pharma have always been of paramount importance.
“Unfortunately, the best of intentions and the most rigorous corporate governance framework cannot always prevent unacceptable behaviour.
“The board is committed to ensuring that further breaches of the company's trading policy do not occur and is confident that the company's excellent reputation will not be tarnished by the actions of one individual.''