- MGC Pharmaceuticals (MXC) is set to become the first medicinal cannabis company to be admitted to the main market of the London Stock Exchange
- The company will join the LSE on February 9 after a strongly supported placement was completed and £6.5 million (around A$12 million) was raised
- To raise the £6.5 million, approximately 441 million new fully-paid ordinary shares were issued at £0.01475 (around A$0.0266)
- Once received, MGC Pharma will use the money to fund a Phase 3 clinical trial of ArtemiC and a phase 2b clinical trial of CannEpil
- Money will also go towards increasing the company’s product range and expansion into new key markets
- MGC Pharma is up 11.5 per cent on the back of this news with shares trading at 2.9 cents
MGC Pharmaceuticals (MXC) is set to become the first medicinal cannabis company to be admitted to the main market of the London Stock Exchange (LSE).
The company will join the LSE on February 9 after a strongly supported placement was completed and £6.5 million (around A$12 million) was raised.
On Tuesday, MGC Pharma announced it was in the final stages of listing in an effort to broaden its international profile.
To raise the £6.5 million, approximately 441 million new fully-paid ordinary shares were issued at £0.01475 (around A$0.0266).
Once received, MGC Pharma will use the money to fund a Phase 3 clinical trial of ArtemiC and a Phase 2b clinical trial of CannEpil.
Money will also go towards increasing MGC Pharma’s product range and expansion into new key markets.
“We are delighted that following the significant process and achievements of our company to date, we are now placed to be the first medicinal cannabis company to list on the LSE,” Co-Founder and Managing Director Roby Zomer said.
“This is something we have been working towards for over 18 months, realising our strategic ambition to be closer to our operations in Europe with greater access to key U.K. and European strategic investors,” he added.
MGC Pharma is up 11.5 per cent on the back of this news with shares trading at 2.9 cents at 1:47 pm AEDT.