Breaking NewsLondon-Listed Medical Cannabis Firm Purchases Israeli Clinical Trial Specialist

London-Listed Medical Cannabis Firm Purchases Israeli Clinical Trial Specialist


LONDON Stock Exchange-listed MGC Pharmaceuticals is to acquire Israeli clinical trial specialist MediCaNL for £3.3m (A$6m) in a share-based transaction.

On completion of the acquisition, MediCaNL will design, manage and run all clinical trials for MGC Pharma in accordance with the European Medicines Agency, Federal Drug Administration and Israeli health regulations.

MGC Pharmaceuticals became the first cannabis company to be listed on the LSE in February this year and is now valid at over £80m. It will be undertaking multiple clinical trials in 2021/22 and in future years.

Its co-founder and managing director Roby Zomer said: “MediCaNL is led by some of the world’s most renowned doctors and scientists who will be a great asset to the MGC Pharma team. 

“By acquiring MediCaNL and bringing their services and expertise in-house, we not only cut significant costs from our forecasted clinical trial expenditure but also remove much of the red tape involved in the preclinical and clinical trial process.’

Roby Zomer

In 2020, MediCaNL generated revenues of almost $1m, with a profit margin of 25%. MGC will soon be undertaking one Phase III and two-Phase II clinical trials for CannEpil, CogniCann and CimertA, along with two Phase I clinical trials planned for the second half of 2021. 

MGC was initially listed on the Australian Securities Exchange before heading for a dual listing in London.

Peter McCusker is an experienced news and business editor, who believes it’s time to fully embrace the multiple, proven, medical benefits of the cannabis plant.


Please enter your comment!
Please enter your name here

Latest news

Germany’s ‘KanaVape’ Moment As Police And Courts Crackdown On ‘Narcotic’ Hemp & CBD

TWO senior figures in the European cannabis industry are leading the fight against over-zealous German law enforcement in a...

UK CBD Consumption To Switch From Oils To Capsules – As New Research Estimates Market Value At £690m

CAPSULES are set to replace oils as the preferred method of CBD consumption - as new research show the...

Crowdfunding: An Emerging Capital Greenhouse For The Cannabis Industry

ALPHAGREEN is expected to hit close to the £2m crowdfunding mark on the Seedrs platform by mid-May – double...

Former JP Morgan Banker Lands Two UK Cannabis Jobs

A VETRAN of American investment bank JP Morgan has entered the burgeoning field of cannabis with appointments to two...

Europe’s Hemp Pioneer Posts Record Results With CBD, Construction And Car-Making To The Fore

EUROPEAN pioneer HempFlax has posted record annual results with revenues up 43% to €14.5m (£12.5m) as it returned a...

Sales Up Sharply At Sativa Wellness But Operational Costs Lead to £4.5m Loss

BRITISH CBD firm Sativa Wellness saw annual sales rise by over one-third in an eventful year which saw it...

Must read

Germany’s ‘KanaVape’ Moment As Police And Courts Crackdown On ‘Narcotic’ Hemp & CBD

TWO senior figures in the European cannabis industry are...

You might also likeRELATED
Recommended to you