Plant inspired medicine specialist MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has provided reassurance that is it focussing on driving sales growth, after reporting a fall in quarterly revenue.
In its quarterly update, MGC said the planned shutdown of its Slovenian facility was mainly responsible for the drop in revenue to US$765,000 in the September quarter, with the plant undergoing upgrades and EU auditing, alongside anticipated seasonal impacts on sales, which tend to peak during autumn and winter months.
Following the upgrades, the Slovenian facility’s output capacity has been raised by 200%, with production at the plant now in progress again.
The company saw rapidly increasing sales in Australian markets, alongside the completion of a long COVID study, with promising results.
US$10mln funding was also secured by MGC during the quarter, the agreement being signed with Mercer Street Global Opportunity Fund LLC, alongside the acquisition by MGC of 40% of ZAM Software Ltd.
MGC's managing director and co-founder Roby Zomer said: "MGC Pharma continues to make progress on its clinical pipeline, which remains the primary focus of the business, together with driving our immediate sales growth. This will be aided by our new chief commercial officer, Robert Clements, whose 25 years of pharma industry sales experience will be invaluable as we expand our sales and distribution network.
"Additionally, the acquisition of the ZAM data collection App has the potential to change the way people engage with their healthcare professionals, and we look forward to updating the market on its progress with our partner, ZAM Software."