Co-Founder and Managing Director Roby Zomer called the grant an "important display of support" from the Australian Government.
The European based 'Seed to Medicine' bio-pharma company, MGC Pharmaceuticals Ltd (ASX: MXC), announced that it has received its first payment from the Australian Government for $25,000, as part of the Innovation Connections Grant.
The grant has been issued to MGC in support of the Phase IIb clinical trials currently being conducted on its CogniCann drug, in conjunction with the University of Notre Dame in Western Australia. CogniCann is the company's blended phytocannabinoid derived formulation developed to specifically target the symptoms associated with dementia and Alzheimer's disease
The Phase IIb study will be a double-blind placebo controlled clinical trial of 50 patients. Recruitment is already underway, and the treatment of patients is expected to commence in the next several weeks.
According to the Co-Founder and Managing Director of MGC Pharma, Roby Zomer, this grant represents, "an important display of support from the Australian Government and recognition for the high-level R&D capabilities of MGC Pharma in partnership with the University of Notre Dame."
"CogniCann has the potential to significantly alleviate the symptoms of those suffering from dementia and Alzheimer's disease and I look forward to updating shareholders on the progress of the Phase IIb clinical trial in due course," he said.
The company also updated the market today on the progress of its planned listing on the London Stock Exchange (LSE).
Canaccord Genuity have been appointed to oversee the deal, which will see MGC Pharmaceuticals become one of the first medicinal cannabis companies to list on the LSE, or any major stock exchange in the UK.
In aid of this, the company will be undertaking normal course marketing meetings institutional and strategic investor in Australia and the UK during November.
Additionally, MGC Pharma have confirmed that the Board has granted approval for the voluntary holding lock to be removed from the final tranche of 10.3 million ordinary shares pursuant to the company's acquisition of Senegal gold exploration assets.
These shares were acquired via a reverse takeover of Erin Resources Ltd and were part of the original consideration paid to vendors by the company in 2012.
However, the company has confirmed that no new shares will be issued—while the current value of ordinary shares on issue shall remain unchanged—as they are unrelated to the current vendors, directors, business and operations of MGC Pharmaceuticals.
To learn more about MGC Pharmaceuticals visit their Company HQ here.
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Disclaimer: past performance is not an indicator of future performance
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