MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Says "strong" quarterly sales continue, notes AUD1.6 million, about GBP923,000, in cash receipts during three month period to June 30. In 12-month period, records AUD6.1 million in cash receipts.
"Cost reduction strategy implemented in June quarter including reduction in material R&D costs, with future non-core trials also deferred," company says.
Co-founder and Managing Director Roby Zomer adds: "Getting pharmaceutical products through the regulatory approval process takes time, particularly when the products are phytocannabinoids. I am, however, confident in the team and the strategy that has been developed to help ensure this process and that MGC Pharma's products will be able to make a difference to patients suffering with debilitating conditions."
Current stock price: 1.24 pence, up 3.7% on Monday
12-month change: down 43%
By Paul McGowan; paulmcgowan@alliancenews.com
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