- 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.