MXC - MGC Pharmaceuticals reveals strategic objectives for H1 2024
(NewsDirect)
MGC Pharmaceuticals Ltd CEO and ManagingDirector Roby Zomer speaks to Thomas Warner from Proactive Londonfollowing the completion of a share consolidation and capital raise.
With these restructuringinitiatives completed, Zomer shares his enthusiasm for the future ofthe plant-based pharmaceutical company and outlines the strategicroadmap for 2024. Zomer emphasises the importance of the recent shareconsolidation, which involved restructuring the company's capitaland introducing new investors aligned with MGC Pharma's long-termvision as a pharmaceutical entity.
The CEO highlighted that this move would facilitate theexecution of the company's 2024 work plan, presented over the pastsix months during various roadshows.
Acknowledging the impact of the restructuring on existingshareholders, Zomer expresses optimism about the real opportunity itnow presents. He explained that the capital raised in the past 18months, coupled with new long-term investors, positions MGC Pharma tobuild a sustainable future, providing returns to shareholders whofaced dilution.
Looking ahead to2024, Zomer outlined key initiatives in the company's work plan.The focus will be on completing studies on CimetrA, a drug withpotential applications, to enable submission to the FDA for anInvestigational New Drug (IND) designation. Simultaneously, ongoingclinical trials will pave the way for seeking early access schemes inthe United States and eventually obtaining marketing authorizationglobally.
The second drug,CannEpil, designed for drug-resistant epilepsy, will also undergoenrolment and IND submission, with efforts split evenly between bothdrugs. Zomer highlights the commercial focus on CannEpil in the UK andIreland, but says CimetrA takes precedence in terms of IND submission,with both drugs considered essential for the company's progress.
As the pharmaceutical landscape evolves, Zomer anticipatesincreased sales of CimetrA through existing schemes, additionalpurchase orders, and revenue growth. By mid-2024, Zomer envisionsCimetrA entering the IND process, with results from dose-findingstudies and the initiation of the IND submission for CanAppeal.
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