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MGC PHARMACEUTICALS LTD(MXC)

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(updated at weekends)

Former (or subsequent) names

 FROMTO
MGC PHARMACEUTICALS LTD16/12/2015
ERIN RESOURCES LIMITED06/09/201216/12/2015
HEALTH CORPORATION LIMITED06/09/2012

Shareholder links

Our website ranking of MXC: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Computershare, Level 11, 172 St Georges Terrace, Perth WA 6000

Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MXC6
Address: 1202 Hay Street West Perth
Tel:  +61 8 6382 3390 Fax: 

Date first listed: 21/12/2006
Company Secretary: Rachel Kerr
Sector: Pharmaceuticals Biotechnology & Life Sciences Industry Group: XMJ
Activities: MGC Pharmaceuticals Ltd (ASX: MXC) is a European based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines

News & Events

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The suspension of trading in the securities of MGC Pharmaceuticals Ltd will be lifted from the commencement of trading on Monday, 27 July 2020, following the release by MXC of an announcement regarding a pre-clinical study.

27/07/2020

Safety and toxicity pre-clinical study results have been received by MXC for ArtemiC following in vivo testing on mice in Israel, with ArtemiC delivering no adverse results in standard toxicity measures. Nine mice across three study groups were tested with 25ul, 50ul doses (comparable to more than 100 times the dose being used in the current clinical trial) and a control group to assess the safety and toxicity of the treatment on the cells. ArtemiC is designed with the scientific aim to target viral infections with inflammatory complications which is currently being evaluated in a Phase II clinical trial on novel coronavirus 2019 (SARS-CoV-2) infected patients. These results support the ArtemiC treatment regimen defined in the current Phase II clinical trial in COVID-19 patients and these data will be used for future clinical studies. Additional histology test results analysing the impact of ArtemiC on major organs from this preclinical study on mice are expected within the coming days.

27/07/2020

The securities of MGC Pharmaceuticals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement in relation to safety and toxicity pre-clinical study results on ArtemiC.

24/07/2020

The suspension of trading in the securities of MGC Pharmaceuticals Ltd will be lifted immediately, following the release by MXC of an announcement regarding a distribution agreement.

13/05/2020

Binding Term Sheet signed with K.S. KIM International Ltd, a wholly owned division of SK-Pharma Group, for the sales and distribution of ArtemiC in Israel, Russia, the CIS countries (including Georgia, Ukraine and Belarus) and countries in the Balkan region (including Serbia, Croatia and Romania). K.S KIM is the pharmaceutical products distribution arm of the Israeli based SK-Pharma Group, who operate across 19 countries globally. ArtemiC has been designed with the scientific aim to target viral infections with inflammatory complications and is now to be evaluated on infected patients in a double-blind placebo controlled, Phase II clinical trial, as announced 17 and 28 April 2020. Extensive market research is being performed by the SK-Pharma Group to evaluate the potential for immediate customer demand and marketability of the ArtemiC product throughout these major patient markets. MGC Pharma's current available capacity at its manufacturing facilities in Slovenia can provide for the immediate production of the ArtemiC product.

13/05/2020

The Company expects the voluntary suspension to end no later than the commencement of trade on Monday 18 May 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the distribution agreement.

12/05/2020

The company releases a notice of Issue of Options - Appendix 2A.

11/05/2020

The securities of MGC Pharmaceuticals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a distribution agreement.

11/05/2020

The suspension of trading in the securities of MGC Pharmaceuticals Limited will be lifted immediately following the release by MXC of an announcement regarding a material agreement involving a strategic joint venture with a Swiss company in relation to COVID19 in resolution of ASX's queries.

15/04/2020

On 4 April 2020, the company executed a binding Contract Manufacturing and Distribution Agreement with Micelle Technology AG for necessary research support, commercial manufacturing and distribution of a natural anti-infective based formulation with the aim to treat human patients with serious viral infections with inflammatory complications. The product is based on the Parties' patented MyCell Enhanced delivery system technology. The agreement supersedes and replaces a binding term sheet executed between the company and the Parties on 21 March 2020.

15/04/2020

The company has been undertaking a review of all of its material contracts, including all executive service agreements which are being amended for a 50% reduction in fees for all Executive and NonExecutive Directors as announced on 6 April 2020. The termination benefits under the executive service agreements exceed 5% of equity interests and thus require shareholders' approval under ASX Listing Rule 10.19, which has not been previously sought or obtained. None of the termination clauses have been triggered under these contracts and therefore the company has not made any payments in relation to termination fees. The company has remedied the breach of LR 10.19 with an amendment to the executive service contracts to require shareholder approval for any termination payments to be made, subject to the 5% equity threshold.

15/04/2020

The securities of MGC Pharmaceuticals Ltd will be suspended from quotation under Listing Rule 17.3. The securities will remain suspended pending a response to ASX's queries in relation to a material agreement regarding a strategic joint venture with a Swiss company in relation to COVID19.

08/04/2020

The Company has successfully continued to operate through the full lockdown laws under the guidance of the Slovenian Government where individuals may leave their homes to work only for critical services related activities. Led by senior management in Slovenia, the Company has successfully implemented the business continuity plan, which has enabled production of the Company's products at the GMP pharmaceutical facility to continue during March and to date in April. Production has continued throughout March and early April with delays being managed and largely minimised. Since February up until early April, over 1,800 MGC Pharma products have successfully been delivered into the UK, Ireland, Australia and New Zealand during this unprecedented period. The board of directors had agreed to implement Executive and Nonexecutive Director salary reductions from 1 January 2020 as was outlined in ASX announcements on 17 February and 16 March 2020. Following the events in recent weeks, the Board have agreed to implement further reductions, with minimum 50% salary cuts for all Directors and executive management from 1 March 2020. The Company's senior management and most staff have agreed to take a significant cash salary reductions to be offset for shares in the Company, equating to between 40-50% of their salaries from 1 March 2020 in order to minimise the Company's operating costs in the immediate term.

06/04/2020

The Company expects the voluntary suspension to end no later than the commencement of trade on Wednesday 8 April 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

03/04/2020

The Company expects the voluntary suspension to end no later than the commencement of trade on Friday 3 April 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

02/04/2020

The company expects the voluntary suspension to end no later than the commencement of trade on Thursday 2 April 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

31/03/2020

The company expects the voluntary suspension to end no later than the commencement of trade on Tuesday 31 March 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

27/03/2020

The company expects the voluntary suspension to end no later than the commencement of trade on Friday 27 March 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

26/03/2020

The company expects the voluntary suspension to end no later than the commencement of trade on Thursday 26 March 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the material agreement regarding a strategic joint venture with a Swiss company in relation to COVID-19.

25/03/2020

The company expects the voluntary suspension to end no later than the commencement of trade on Wednesday 25 March 2020, when it anticipates it will be in a position to make a detailed announcement to the market in respect of the strategic joint venture with a Swiss company in relation to COVID-19.

24/03/2020

The securities of MGC Pharmaceuticals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a strategic joint venture with a Swiss company.

23/03/2020

The suspension of trading in the securities of MGC Pharmaceuticals Limited will be lifted immediately following the release by MXC of an announcement regarding a capital raising.

21/08/2019

The company has secured commitments to raise $4.75 million by wa of a share placement to sophisticated and professional investors at an issue price of $0.04 per share. The company will also unddertake an offer of shares to eligible existing shareholders under a priority offer to raise up to an additional $1.0 million at the issue price.

21/08/2019

The securities of MGC Pharmaceuticals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a capital raising.

21/08/2019

The suspension of trading in the securities of MGC Pharmaceuticals will be lifted immediately, following the release by MXC of an announcement regarding the sale of MGC Derma.

13/11/2018

Formal Definitive Agreement has been signed with CannaGlobal for the strategic sale of 100% MGC Derma. Completion of the Definitive Agreement with final commercial terms follows CannaGlobal's recent closing of key corporate actions in relation to other cannabis related business opportunities, and financing by its cornerstone investor. On completion of the CannaGlobal transactions, MXC will hold 10% equity in CannaGlobal following the sale of 100% of MGC Derma. All future MGC Derma working capital funding obligations removed from MXC. MXC will hold an increased equity holding in CannaGlobal as part of a new private company structure, in comparison to the CannaGlobal equity consideration under the original binding term sheet that included a Canadian stock exchange listing. C$0.5 million for an initial MGC Derma products supply order has now been transferred by CannaGlobal under the exclusive 5-year CBD and cosmetics Supply Agreement signed as part of the deal. CannaGlobal is no longer pursuing a public listing on the Canadian stock exchange, due to the terms of its new financing arrangements with its major shareholder and the material change to North American equity markets during October.

13/11/2018

The company requests an extension of the voluntary suspension of its securities from the commencement of trade on 7 November 2018. This request is to allow finalisation of all formal documentation by CannaGlobal relating to the acquisition of MGC Derma, and simultaneous completion of related CannaGlobal transactions including their financing facility and other asset acquisitions. The Company expects the voluntary suspension to end no later than the commencement of trade on Tuesday 13 November 2018, when it anticipates it will be in a position to make a detailed announcement to the market.

07/11/2018

The securities of MGC Pharmaceuticals Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a disposal.

05/11/2018

The suspension of trading in the securities of MGC Pharmaceuticals Limited will be lifted immediately, following the release by MXC of an announcement regarding a disposal.

27/09/2018

A binding term sheet was signed with Cannaglobal to acquire 100% of MGC Derma. MXC will sell 100% of MGC Derma for C$12.5m in Cannaglobal equity, a C$2.5m loan repayment to MXC and a 5-year CBD and cosmetic materials supply agreement. To complete the transaction, MXC has acquired the remaining 49% of MGC Derma held by MGC Derma partner Dr. M. Burnstein Ltd for C$1.25m to deliver 100% of MGC Derma to Cannaglobal, facilitating this strategic transaction. Cannaglobal founders and major shareholders are leaders in the Canadian business community and cannabis industry. Cannaglobal is currently exploring opportunities to publicly list on one of the Canadian stock exchanges, which is now materially advanced. The Deal includes an exclusive 5-year Supply Agreement for the provision of MXC's CBD, proprietary production IP and cosmetic materials to Cannaglobal. This transaction delivers a clear financial strategy and future funding outcome for MXC - allowing management to focus its resources on becoming a leading Bio-Pharma operator in the European medical cannabis industry.

27/09/2018

The securities of MGC Pharmaceuticals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MXC, pending the release of an announcement regarding a material commercial transaction with a Canadian cannabis company.

25/09/2018

The suspension of trading in the securities of MGC Pharmaceuticals Limited (the "Company") will be lifted immediately following the release of an announcement regarding the acquisition of PANAX Pharma s.r.o.

10/05/2016

The ASX placed the Company immediately in suspension on 4 May 2016 to seek confirmation that the Panax acquisition announced on 27 April 2016 was not a change of nature or scale under Chapter 11. The Company immediately engaged with the ASX to resolve the matter as quickly as practicable. The ASX has completed the review and based solely on the information provided, ASX has confirmed that listing rule 11.1.2 and 11.1.3 do not apply to the Panax acquisition. The Company will be required to provide ASX with legal opinions from reputable lawyers from the Czech Republic opining to the satisfaction of the ASX on the legality of the business being conducted by Panax.

10/05/2016

MGC Pharmaceuticals Ltd (ASX:MXC or "the Company") would like to update the market on the status of its Senegal gold assets following the completion of the acquisition of MGC Pharma UK Ltd, and its requotation on the ASX on 19 February this year.

09/05/2016

The securities of MGC Pharmaceuticals Limited will be suspended from quotation immediately by ASX pursuant to Listing Rule 17.3.

04/05/2016

MGC Pharmaceuticals Limited ("Company") will be reinstated to official quotation as from 10 am AEDT on Tuesday, 23 February 2016 following the Company's compliance with listing rule 11.1.3 and chapters 1 and 2 of the ASX Listing Rules. 508,086,552 ordinary shares fully paid Security Code: MXC

19/02/2016

The company's managing director provides an update regarding 2016 and the future for MGC pharma and that its European CBD resin production and Australian strategy are being fast-tracked.

12/02/2016

The Company has today lodged a Supplementary Prospectus detailing a $1.0m loan facility agreement the Company has put in place to provide it with additional working capital, which was required by MXC to satisfy the ASX listing rules re-compliance requirements. This was not anticipated by the Company or its advisors at the time of lodging the Company's re-compliance Prospectus dated 18 December 2015.

11/02/2016

The Federal Government yesterday (10 February 2016) introduced landmark legislation that will allow Australian patients and their doctors to access legal medicinal cannabis products for the management of painful and chronic conditions. MGC Pharmaceuticals Ltd welcomes the move by the Federal Health Minister Sussan Ley to amend the Narcotics Drugs Act 1967 and allow for the cultivation, manufacture, trials and prescription of medical cannabis through a national licensing and permit scheme. The change itself could happen within a matter of months and the Health Minister is confident

11/02/2016

The company lodges its quarterly activity and cash flow report.

01/02/2016

The company has received its Conditional Reinstatement letter from the ASX and is finalising the re-compliance documentation this week, including issue of the Prospectus Shares, completing the MGC acquisition and issue of shares to the Vendors.

27/01/2016

The Company advises its re-compliance Prospectus dated 18 December 2015 relating to the acquisition of MGC Pharmaceuticals Ltd group of companies is now closed, following the recompliance offer of $10,000 being fully subscribed on the terms set out in the Prospectus, and the issue today of the July 15 unlisted options under a cleansing prospectus.

31/12/2015

The company provides the shareholders an update - it is close to completing the MGC acquisition. Since commencing the process of acquiring MGC, the business has made significant progress on executing its business plan and steps towards initial commercialisation of its medical cannabis based cosmetic and medical products, and first cannabidiol (CBD) extract production in Slovenia during mid-2016.

21/12/2015

The company issues a prospectus for the offer of 500,000 Shares at an issue price of $0.02 each to raise $10,000. The Prospectus also contains an offer of 200,000,000 Shares and 100,000,000 Performance Shares to the Vendors in consideration for the acquisition of all the issued capital in MGC.

18/12/2015

name changed from Erin Resources Limited

16/12/2015

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    11/02/2019Roby Zomer500,000$0.040$20,000
    08/02/2019Brett Mitchell500,000$0.040$20,000
    08/02/2019Nativ Segev500,000$0.040$20,000
    25/05/2016Nick Castleden-1,500,000$0.057$85,800
    14/05/2013Grant Davey30,000$0.050$1,500

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Brett MitchellExecutive Chairman04/04/2013
    Roby ZomerManaging Director, CEO15/02/2016
    Evan HayesIndependent Director01/09/2020
    Stephen ParkerNon Exec Director13/03/2019
    Nativ SegevExecutive Director15/02/2016
    Ross Grant WalkerDirector15/02/2016

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Nick CastledenNon Exec Director12/05/201424/06/2016
    Nick PollManaging Director, CEO04/04/201315/02/2016
    Grant DaveyManaging Director21/06/201212/05/2014
    Jim MaloneNon Exec Chairman30/06/201104/04/2013
    Jason DavisNon Exec Chairman14/05/201025/09/2012
    David ChapmanNon Exec Director30/03/201114/09/2012

    Date of first appointment, title may have changed.