{"id":866,"date":"2023-11-01T23:42:37","date_gmt":"2023-11-01T23:42:37","guid":{"rendered":"https:\/\/economicherald.net\/?p=866"},"modified":"2023-11-01T23:42:37","modified_gmt":"2023-11-01T23:42:37","slug":"unwavering-support-mgc-pharma-secures-us7-9-million-from-investors-as-looks-to-advance-us-fda-ind-applications","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=866","title":{"rendered":"\u2018Unwavering Support\u2019: MGC Pharma secures US$7.9 million from investors as looks to advance US FDA IND applications"},"content":{"rendered":"<p>MGC Pharmaceuticals secures US$7.9 million in firm commitments in well supported capital raise<br \/>\nFunds raised to serve as minimum required funding to support 12-month business plan<br \/>\nMGC focused on US Food and Drug Administration IND applications of CimetrA and CannEpil<\/p>\n<p>\u00a0<\/p>\n<p><strong>MGC Pharmaceuticals has secured ~US$8 million following a capital raise to support its 12-month business plan, including its focus on US FDA IND applications of CimetrA and CannEpil.<\/strong><\/p>\n<p>European based Biopharma<strong>\u00a0<\/strong><a href=\"https:\/\/stockhead.com.au\/company\/mgc-pharmaceuticals-mxc\/\" target=\"_blank\" rel=\"noopener\"><strong>MGC Pharmaceuticals (ASX:MXC)<\/strong><\/a><strong>\u00a0(LSE:MXC)\u00a0<\/strong>has received firm commitments from sophisticated and professional investors to subscribe for new shares totalling US$8 million at an issue price per share of US25.5 cents (AUD 40 cents), post-consolidation.<\/p>\n<p>The share issuance will take place following the capital consolidation, which was approved by shareholders in October and is expected to be completed in the coming week.<\/p>\n<p>MXC says participants will also receive one free attaching option for every two shares subscribed exercisable at US32 cents (AUD50 cents) post-consolidation, with a five-year term.<\/p>\n<p>Upon the completion of the placement, a total of 31 million fully paid ordinary shares and 15.5 million options will be issued.<\/p>\n<p>Investors were identified within MXC\u2019s existing network of the board and executive management through a bookbuild process.<\/p>\n<p>MXC says its involved expressions of interest from unrelated professional investors, sophisticated investors, and other investors exempt from disclosure requirements.<\/p>\n<p>The company has also confirmed that no fees will be paid to any party for managing the placement.<\/p>\n<p>On issue of the placement shares, the company will have 35,427,969 (subject to final rounding of the consolidation) ordinary shares in issue, each with one voting right.<\/p>\n<p>Therefore, the company\u2019s total number of ordinary shares in issue and voting rights will be 35,427,969.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Funds to support 12-month business plan <\/strong><\/h2>\n<p>MXC says funds raised will serve as the minimum required funding to support its 12-month business plan, focused on US Food and Drug Administration (FDA) IND applications of CimetrA and CannEpil.<\/p>\n<p>The allocated fund usage includes:<\/p>\n<p>Initiation of phase 2 clinical trials in Australia and submission of the USA Investigational New Drug Application (FDA) of CannEpil, totalling ~US$2.6 million<br \/>\nCompletion of the phase 2B dose finding study in Israel and submission of the FDA IND application for CimetrA, costing ~US$2.4 million<br \/>\nMarketing and pharmaceutical conference costs of ~US$1.2 million.<br \/>\nWorking capital of ~US$1.3 million<br \/>\nCosts of placement, including ASX and LSE expenses and prospectus submission in the UK ~US$400k.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/health\/mgc-pharma-hits-another-milestone-in-path-to-fda-approval-for-anti-inflammatory-cimetraa\/\" target=\"_blank\" rel=\"noopener\">In August MXC reported positive results<\/a> from pre-clinical chronic toxicology evaluation of CimetrA in pigs supporting previous data in an important step for its planned IND submission with the US FDA.<\/p>\n<p>The MXC\u2019s CannEpil is a high-CBD, low-THC formulation, delivered by an oral mucosal solution and is part of the company\u2019s clinical development program for patients suffering from refractory epilepsy, also known as drug-resistant epilepsy.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Support from high-net-worth individuals<\/strong><\/h2>\n<p>Managing director and CEO Roby Zomer says MXC is grateful for support of the placement.<\/p>\n<p>\u201cThis underscores the unwavering support the company has from high-net-worth individuals, highlighting the trust they have in MGC\u2019s trajectory and the impact the company are poised to make in the pharmaceutical industry,\u201d he says.<\/p>\n<p>\u201cWith this significant investment and the strong backing of our investors, MGC is well<\/p>\n<p>positioned to drive innovation, accelerate growth, and achieve remarkable milestones in the coming months.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with MGC Pharmaceuticals, a Stockhead advertiser at the time of publishing. <\/em><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/health\/unwavering-support-mgc-pharma-secures-us7-9-million-from-investors-as-looks-to-advance-us-fda-ind-applications\/\">\u2018Unwavering Support\u2019: MGC Pharma secures US$7.9 million from investors as looks to advance US FDA IND applications<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>MGC Pharmaceuticals secures US$7.9 million in firm commitments in well supported capital raise Funds raised to serve as minimum required funding to support 12-month business <a href=\"https:\/\/economicherald.net\/?p=866\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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