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- In an effort to broaden its international profile, MGC Pharmaceuticals (MXC) says it’s in the final stages of listing its shares on the London Stock Exchange
- The company’s shares will be listed on the standard segment of the LSE’s Main Market, with expected completion in February this year
- London-based equity broker Turner Pope has been appointed to assist in raising £5 million (roughly A$8.95 million) through institutional investors in the U.K.
- The proceeds will be used to fund various clinical trials, increase product distribution in new markets and complete the construction of manufacturing facilities in Malta
- MGC Pharmaceuticals is currently in a trading halt expected to last until Thursday, February 4, and last traded at a price of 2.6 cents per share on February 1
In an effort to broaden its international profile, MGC Pharmaceuticals (MXC) says it’s in the final stages of listing its shares on the London Stock Exchange.
The Europe-based company operates under a “Nature to Medicine” strategy within the phytocannabinoid-derived and plant-derived medicines industry, with products on the market that treat two common medical conditions — epilepsy and dementia — and others in its development pipeline.
A dual-listing on both the ASX and the LSE is expected to provide access to capital markets in the U.K., as well as exposure to new institutional and sophisticated investors.
MGC Pharmaceuticals anticipates being one of the first cannabis-related companies to list on the standard segment of the LSE’s Main Market, providing investors with an attractive investment opportunity in the rapidly growing medicinal cannabis industry.
As part of the listing process, which is expected to be completed in February this year, London-based equity broker Turner Pope has been appointed to assist in raising £5 million (roughly A$8.95 million) through institutional investors in the U.K.
Full details of the capital raising will be unveiled over the next few days, and the proceeds will be used to fund a Phase 3 clinical trial of ArtemiC, planned for the first half of this year, and a Phase 2b trial of CannEpil.
A portion of the financing will also be used to increase the company’s product distribution in new markets, including Brazil and several European countries, along with covering registration costs for ArtemiC in Russia, the Middle East and Europe, and the completion of a proposed manufacturing facility in Malta.
“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,” said Roby Zomer, Managing Director of MGC Pharmaceuticals.
“Our listing is the culmination of the last six years of hard work, positioning MGC Pharma as a leader in the emerging phytocannabinoid pharmaceutical sector,” he added.
MGC Pharmaceuticals is currently in a trading halt expected to last until Thursday, February 4, and last traded at a price of 2.6 cents per share on February 1.
