In anticipation of a sharp ramp-up in operational activities during 2022, MGC has today announced its successful raising of £5.5m (gross) new funding through an equity placing priced at 2p/share that was subscribed by a mix of new and existing shareholders.
Added to the AUD$4.2m cash-at-bank held at the end of September 2021, along with access to an additional AUD$9.25m undrawn from its AUD$15m facility with Mercer Street Opportunity Fund LLC, the Group now appears to be well resourced to accelerate a number of key and timely projects.
These include its Phase III Clinical Trial for CimetrA™, in tandem with securing Good Manufacturing Process (‘GMP’) accreditation for its new Maltese facility with the aim of commencing the drug’s first scale production in mid-2022, given the potential for both Emergency Use Authorisation in India and fast-track approval in the US.
Being the most heavily mutated version of the spike protein, Omicron, the newly discovered variant of COVID-19 highlights not only the possible impact of further international waves of infection on already heavily burdened public health systems but also the urgent patient need for rapid introduction/high availability of new treatments, such as CimetrA™, that have tangibly demonstrated significant anti-inflammatory and immune-modulatory effects through Cytokine-level monitoring.
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