THE London Stock Exchange’s medical cannabis debutant MGC Pharmaceuticals has released is first quarterly update since listing showing record revenues of almost £500,000.
In the market update for the quarter up to March 31, it announced it has signed a supply deal to provide nutraceuticals producer and distributor Swiss PharmaCan a minimum of 40,000 units, per quarter, of its Covid-19 alleviating drug ArtemiC.
It reported progress on a number of trial initiatives including the launch of an in-vitro study into the treatment of aggressive glioblastoma brain cancer.
Roby Zomer, CEO of MGC Pharma, said: “This has been an historic quarter for MGC Pharma, following our listing on LSE, along with record sales for our proprietary pharmaceutical products.
“MGC Pharma is well positioned for the future, with clinical trials for CannEpil and CogniCann due to begin in the coming quarter, alongside phase III clinical trials for CimetrA, which have the potential to treat the many people suffering as a result of Covid-19.
“MGC Pharma is now in an excellent position to realise its potential and build on the foundations that have been set in the past 12 months, as we remain on target to reach break even this financial year.”
MGC Pharma is dual-listed on both the Australian Securities Exchange and the LSE and valued at around £80m.