MGC Pharmaceuticals signed a new US$10 million financing agreement

MGC Pharmaceuticals Ltd (ASX: MXC) has signed a new convertible securities financing agreement with Mercer Street Global Opportunity Fund, LLC, and MGC’s largest shareholder, to provide the company with a significant funding facility of up to a total of US$10 million. This facility will fund the current MGC Pharma business plan and replaces the unused amount of the convertible facility announced in September 2020, providing MGC with a material financing facility to be drawn on as required to execute its strategy.

This financing facility will provide the company the access to significant capital to execute its business commercialisation strategy, mainly with Sciensus Rare in the UK and EU and AMC in the USA, and accelerate the regulatory approvals for the company’s proprietary products to drive revenues, assist in the rollout of the ZAM App and provide funding for the group’s general corporate expenses.

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