ASX-listed medicinal cannabis player, MGC Pharmaceuticals is set to be dual-listed on the main board of the London Stock Exchange, or the “LSE”. The listing is expected to be completed this month and coincide with an initial public offering of £5 million.
The Company’s IPO is being supported by London-based equity broker, Turner Pope and will tap into UK-based institutional funds and sophisticated investors that are looking to get exposure to the rapidly developing medicinal cannabis sector.
I am delighted to announce we are moving forward with the admission of MGC Pharmaceuticals to the main market of the London Stock Exchange, which will position the Company for the next phase of its growth and development.
Admission will reflect our European-based research operations, as well as enabling the company to engage with investors in the UK, Europe, Africa and the Middle East.
MGC Pharma said around half of the funds raised will be used to meet the cost of a Phase Three clinical trial of the company’s “ArtemiC” formulation which MGC says may be able to assist in the recovery of COVID-infected patients.
In what appears to be perfect timing for the early mover in the development and sale of phytocannabinoid derived medicines, MGC Pharma will get the opportunity to showcase its new COVID-kicking anti-inflammatory formulation to UK-based investors.
Importantly, MGC’s $2.1m in revenues generated last financial year from its various medical cannabis-based health and skincare products place it above the pack of wannabe’s in the space who are still looking for something to cure using medicinal cannabis.
The company said the dual listing is a strategic move to broaden its investor base and access investors around its primary manufacturing facility in Slovenia in Eastern Europe.
It is now also looking set to add a second European manufacturing base on the small Mediterranean island of Malta where it already has a research facility.
Following on from the recently completed successful Phase Two clinical testing of its ArtemiC product on COVID-19 patients, the company received a cash grant of €3.1 million from the Maltese Government’s economic development agency towards the manufacturing of ArtemiC in Malta.
Whilst Malta is a part of the European Union, it is actually located closer to North Africa and makes for a prime location for distribution into existing markets in Europe and developing markets in the Middle East and North Africa.
MGC Pharma’s ArtemiC product is a natural food supplement formulation based on Artemisinin and Curcumin mixed with supporting ingredients, Vitamin C and Boswellia serrata, both of which are well-known natural active ingredients with anti-infective properties.
In its attempts to combat the symptoms of the Coronavirus, the company said its ArtemiC clinical study met all US Food and Drug Administration regulatory requirements, including a full safety and efficacy profile, by improving and expediting the recovery of moderate COVID-19 patients.
A planned Phase 3 clinical trial of ArtemiC will be an international, multi-centre study with up to 205 participants that is set to fire up in the next couple of months, targeting both COVID and flu patients.
Other key phytomedicine products to benefit from MGC Pharma’s imminent UK-based capital raising are its CannEpil treatment for adolescent epilepsy and its CogniCann treatment for dementia and Alzheimer’s disease.
With an LSE listing and a fresh wad of cash to tuck into its saddlebags, MGC looks set to break away from the pack as it ramps up the development and delivery of is suite of cannabinoid medicines.
NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine, or drug.
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