MGC Pharma raises $4.8m ahead of UK listing
Health & Biotech
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Special Report: MGC Pharma has significantly boosted its cash position ahead of a big second half of the calendar year, including a listing on the London Stock Exchange.
Seed-to-pharmacy biotech MGC Pharma (ASX:MXC) has successfully raised $4.75 million from sophisticated and professional investors, with room for a further $1 million to be raised from existing shareholders in a priority offer.
The money will be used for a range of purposes, including ongoing production and sales of its pharmaceutical medicinal cannabis products and construction works at its Maltese manufacturing facility, in what is proving to be a very prosperous period for the company.
The money will also go towards costs involved with a dual listing on the London Stock Exchange. MGC has engaged Canaccord Genuity to lead the company’s listing, which is due before the year is out.
If successful, MGC will become one of the first medicinal cannabis companies to be listed on the LSE or any major exchange in the United Kingdom.
Roby Zomer, co-founder and managing director of MGC, said the capital raise offered new and existing shareholders a strong opportunity.
“We have had an incredibly busy period of late where we have rapidly advanced the business, delivering material results through ground-breaking research and development, increasing our distribution channels globally, opening new markets, strengthening our partnerships with academic institutions and widening our growing and manufacturing capabilities,” he said.
“With our leading clinical and commercial position in Europe, and an increasing presence and patient uptake in the UK, we look forward to updating shareholders on further developments, both commercially and in the UK Capital Markets, over the coming months.