MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has hailed the outcome of moves to stabilise its position in the final quarter of 2023.
Roby Zomer, chief executive, commented: "MGC successfully concluded a thorough corporate restructuring, which included a 1,000:1 consolidation".
Additionally, the company conditionally raised US$8.4 million.
“Moreover, we are pleased to announce that the company has obtained FDA approval in Saudi Arabia for its proprietary product, ArtemiC."
At the end of December, the company had A$6.48 million of cash on hand