(Alliance News) - MGC Pharmaceuticals Ltd on Friday said it received USD600,000 in funding provided by Mercer Street Capital Partners LLC, while it has appointed a new chief financial officer.
The biopharmaceutical company specialising plant-inspired medicines said the funding request was approved by Mercer, with a funds transfer to MGC's Australian bank account being processed.
The funding has been provided under the USD10 million convertible securities financing facility with Mercer Street Global Opportunity, a fund managed by United States-based institutional fund manager Mercer Street Capital Partners.
As part of the financing, MGC will issue 660,000 convertible notes to Mercer worth USD1.00 each on receipt of the cleared funds.
It said the funding will be used as working capital to fund MGC's ongoing operations, including its clinical trial programme.
Meanwhile, MGC on Friday also announced Angelia Graham stepped down as CFO, with its UK-based group financial controller Tom Cairns taking over in the role CFO-equivalent role of chief accounting officer.
Shares in MGC were flat at 0.55 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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