(Alliance News) - MGC Pharmaceuticals Ltd reported an increased loss and and a lower revenue in the financial year that ended on June 30.
MGC Pharmaceuticals is a pharmaceutical company specialising in the production and development of plant-derived medicines.
The company said annual pretax loss widened to AUD21.1 million from AUD20.8 million a year prior. Cost of sales decreased 33% to AUD1.9 million from AUD2.9 million. However, revenue declined 28% to AUD3.4 million from AUD4.7 million. Further, administrative expenses increased 26% to AUD14.9 million from AUD11.8 million.
On a positive note, MGC Pharma reported a fair value movement gain on financial instruments of AUD86,636, compared to a loss of AUD1.2 million a year ago.
The company highlighted that during the year, it received permission from the Slovenian Ministry of Health to undergo scientific research development on the psychedelic compound psilocybin. It aims to develop and research psilocybin-based medicines.
MGC Pharmaceuticals shares closed 3.7% lower at 0.13 pence each on Thursday in London.
By Tom Budszus, Alliance News reporter
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