MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) chief executive Roby Zomer said he is confident as the company continues to advance products through regulatory approval processes.
Zomer, in the company’s quarterly activities report, told investors that MGC “remains resolutely focused on advancing its innovative products through the clinical pipeline of product development and continues to progress a number of products towards regulatory approval.
“This has been supported by strong clinical trial results and partnerships with companies such as Sciensus Rare and AMC Holdings that will help us achieve our goals.”
He added: "Getting pharmaceutical products through the regulatory approval process takes time, particularly when the products are phytocannabinoids.
“I am, however, confident in the team and the strategy that has been developed to help ensure this process and that MGC Pharma's products will be able to make a difference to patients suffering with debilitating conditions."
MGC in the statutory report noted ‘strong progress’ in its clinical pipeline, highlighting multiple completed trial results that have indicated efficacy in its product range – specifically those involving lead products CogniCann and CimetrA.
Quarterly sales volumes were meanwhile described as strong with cash receipts of A$1.55mln for the three month period, to increase the tally for the year to date up to A$6.1mln, which represents a 134% rise versus the same period last year.
It also noted cost control efforts in the June quarter which notably resulted in lower costs in R&D.
During the period, MGC appointed a new London-based chief financial officer and group financial controller.