MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC), the developer of plant-based medicines, posted a 57% increase in annual sales, driven by demand for its ArtemiC product and its cannabis-derived medicines.
While revenues hit A$4.6mln for the year to 30 June 2022, the loss for the period was A$17.1mln as the group invested heavily in research and development activities.
In doing so it delivered impressive clinical and preclinical results from its discoveries in areas such as inflammatory diseases, Covid, cognitive disorders and brain cancer.
“Our research and development agenda, coupled with our robust clinical platform, sets us at the forefront of this significant emerging segment of the global pharmaceutical market,” the company said in its final results statement.
“MGC intends to ensure our position over the coming years by continually bringing products to markets with full market authorisation and in keeping with global regulations, offering cost-effective treatments to patients with underserved indications the world over.”
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