26th Feb 2021 11:53
(Alliance News) - MGC Pharmaceuticals Ltd, in its first earnings report as a public company, on Friday said its loss narrowed in the first half of its current financial year.
MGC Pharmaceuticals listed on the main market of the London Stock Exchange earlier this month following a GBP6.5 million share placement.
MGC was already listed in Australia and is a Europe-based biopharmaceutical company specialising in the production and development of phytocannabinoid-derived medicines.
The company said revenue fell by 58% in the six months to the end of 2020 to AUD741,911 - about GBP414,304 - compared to AUD1.8 million reported the year before.
MGC's pretax loss was AUD5.9 million, narrowed from AUD11.8 million a year prior, as administrative expenses were reduced to AUD2.8 million from AUD4.1 million year-on-year.
MGC said it has delivered significant progress on an upward growth trajectory during the half-year to December 31, driven strongly by sales of its proprietary cannabinoid products, and the achievement of a number of strategically important milestones.
Going forward, MGC said it is focused on progressing its key clinical research programs, continuing to expand its manufacturing capabilities, broadening its product range and expanding into new and existing key markets.
MGC Pharmaceuticals shares were trading 9.2% lower in London on Friday at 4.85 pence each.
By Evelina Grecenko; [email protected]
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