Medlab Clinical (ASX:MDC) - Non Executive Chairperson, Michael Hall
Non Executive Chairperson, Michael Hall
Source: Medlab Clinical
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Medlab Clinical (MDC) reports positive net operating cashflows for the December quarter of $645,000
  • Revenue at the half-year was $5.6 million, representing a 33 per cent growth from the previous corresponding period
  • The company spent $851,000 on research and development (R&D) during the quarter and received $3.2 million in R&D cash rebates
  • Looking ahead, the company is making progress towards its FDA application for NanaBis
  • Shares closed flat today at 12.5 cents each

Medlab Clinical (MDC) has reported positive net operating cashflows for the December quarter of $645,000.

Receipts from customers totalled $2.7 million while revenue at the half-year was $5.6 million, representing a 33 per cent growth from the previous corresponding period.

The company’s cash position at the end of the quarter was about $11.2 million.

MDC said while its market cap is below expected, its principal assets are valued well above market capitalisation.

The company spent $851,000 on research and development (R&D) during the quarter and received $3.2 million in R&D cash rebates.

It was also pre-approved for $12 million in R&D rebates for future expenses relating to its NanaBis program.

NanaBis is an investigative cannabinoid program for patients with cancer bone pain. To date, the company said it has improved patient outcomes with over 1000 Australian patients under clinical management.

Looking ahead, the company is making progress towards its Food and Drug Administration (FDA) application for NanaBis.

It is also in joint venture discussions for NanoCBD with key significant local distribution and manufacturing companies to expand availability. Under an accelerated regulatory model, NanoCBD would be approved for over-the-counter pharmacy sales. 

Shares closed flat today at 12.5 cents each.

MDC by the numbers
More From The Market Online
Gold nuggets and chips

Meeka finds high-grade zones of gold at Murchison as open-pit plan gets going

Meeka Metals Ltd has picked up a number of thick and high-grade gold intercepts at the…
Homes Australia

Domain gives CoStar month-long diligence period as market bets on deal ‘OK’

Domain Holdings (ASX:DHG) has given CoStar – the company offering to buy it at a 40%…
Children's hospital concept

Mesoblast kicks off treatment for first 3 kids with graft-host disease. So why are shares down?

otCopper favourite Mesoblast (ASX:MSB) has announced it's begun treating the first 3 children with skin graft-versus-host…
Gold nuggets in a pile

Kula continues to explore ‘new gold system’ at Mustang with 4.3g/t intercept

Kula Gold Ltd has found an intercept of gold grading 4.3g/t through mapping, soil sampling and…