London Stock Exchange welcomes MGC Pharma to the Main Market
London Stock Exchange today welcomes MGC Pharmaceuticals ("MGC Pharma" or the "Company") (LSE, ASX: MXC), a Bio-Pharma company with a “Nature to Medicine” strategy at the forefront of the emerging global phytocannabinoid derived medicines looking on the London Main Market Listing. MGC Pharma is the first medicinal cannabis related company to join the Main Market of the bourse.
The Company’s shares were admitted to the Standard Segment of the Official List of the Financial Conduct Authority, at 8am on Tuesday 9th February 2021, following the completion of a £6.5 million share placement (“Placing”). The Company will maintain its primary listing on the Australian Stock Exchange.
MGC Pharma is a European based bio-pharma company developing and supplying affordable standardised Phyto-medicines to patients globally. The Company’s founders are key figures in the global medical cannabis and pharmaceutical industry, and the core business strategy is to develop and supply high quality phytocannabinoid derived medicines for the growing demand in the medical markets in Europe, North America and Australasia.
Its core research is focused on treatment using phytomedicines in three core areas: Neurology, Oncology, and Autoimmune diseases – including ArtemiC™ for treatment of Covid-19 infected patients.
Employing its ‘Nature to Medicine’ strategy, MGC Pharma has partnered with renowned institutions and academia to optimise cultivation and the development of targeted phytocannabinoid derived medicines products prior to production in the Company’s EU-GMP Certified manufacturing facility.
MGC Pharma has a number of research collaborations with world renowned academic institutions. The Company has recently undertaken research highlighting the positive impact of using specific phytocannabinoid formulations developed by MGC Pharma in the treatment of glioblastoma, the most aggressive and so far, therapeutically resistant primary brain tumour.
The net proceeds of the Placing will be used primarily to meet the costs associated with the clinical trials of Covid-treatment ArtemiC™ and CannEpil®, as well as increasing distribution of the Group’s product range, and the completion of the Group’s manufacturing facilities in Malta.
Roby Zomer, Managing Director and CEO of MGC Pharma commented: “We are delighted to be celebrating MGC Pharma’s London Stock Exchange listing today, a pivotal moment in the Company’s journey. We are very proud that following the significant progress and achievements of our company to date, we will be the first medicinal cannabis company to list on London Stock Exchange's Main Market, something we have been working towards for over 18 months, realising our strategic ambition to be closer to our operations in Europe with greater access to key UK and European strategic funds and investors.”
“We are already seeing the benefits of this decision, with the strong show of support from a number of leading UK institutional funds, family offices and sophisticated investors for the Placing. The funds will primarily be used to support the Company’s growth ambitions and key clinical research programs for our leading products, as we continue to expand our manufacturing capabilities, fast track our key clinical trials, increase our product range, and expand into new and existing key markets.
“We would like to thank London Stock Exchange for its warm welcome, and our employees and shareholders who have enabled us to get to this point in our growth. We look forward to their continued support as we commence the next phase of our growth strategy.”
MGC Pharmaceuticals has appointed Turner Pope Investments as UK corporate broker, Memery Crystal LLP (BCLP) has acted as the UK legal adviser and Tavistock Communications Ltd. as its UK public relations adviser.