MGC PHARMACEUTICALS LTD
ABN 30 116 800 269
ANNUAL REPORT
30 JUNE 2020
M G C P H A R M A C E U T I C A L S L I M I T E D | |
Annual Report for the year ended 30 June 2020 | |
Contents | |
Auditor's Independence Declaration...................................................................................................................... | 24 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income ...................................................... | 25 |
Consolidated Statement of Financial Position........................................................................................................ | 26 |
Consolidated Statement of Changes in Equity ....................................................................................................... | 27 |
Consolidated Statement of Cash Flows .................................................................................................................. | 28 |
Notes to the Financial Statements ......................................................................................................................... | 29 |
Directors' Declaration............................................................................................................................................. | 56 |
Independent Auditor's Report to Members........................................................................................................... | 57 |
Additional ASX Information .................................................................................................................................... | 64 |
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M G C P H A R M A C E U T I C A L S L I M I T E D
Annual Report for the year ended 30 June 2020
Corporate Directory
Directors | |
Brett Mitchell | Roby Zomer |
Executive Chairman | Managing Director and CEO |
Nativ Segev | Ross Walker |
Non-Executive Director | Non-Executive Director |
Stephen Parker | Evan Hayes |
Non-Executive Director and Chairman of the Corporate | Non-Executive Director |
Governance Committees | |
Company Secretary | |
Rachel Kerr | |
Registered Office and Principal Place of Business | |
1202 Hay Street | |
West Perth WA 6005 | |
Tel: +61 8 6382 3390 | |
Solicitors | |
Steinepreis Paganin | |
Level 4, The Read Buildings | |
16 Milligan Street | |
Perth WA 6000 | |
Auditors | |
Ernst & Young | |
EY Building | |
11 Mounts Bay Road | |
Perth WA 6000 |
Securities Exchange Listing
MGC Pharmaceuticals Ltd securities are listed on the Australian Securities Exchange (ASX) and the OTC Pink Market ASX Code: MXC, OTC: MGCLF
Share Registry
Computershare Investor Services Pty Limited
Level 11
172 St Georges Terrace
Perth WA 6000
Website
www.mgcpharma.com.au
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M G C P H A R M A C E U T I C A L S L I M I T E D
Annual Report for the year ended 30 June 2020
Directors' Report
The Directors present their report on MGC Pharmaceuticals Limited ("the Company" or "the Parent") and its controlled entities (collectively, "the Group" or "MGC Pharma") for the financial year ended 30 June 2020.
Directors
The names of Directors in office at any time during or since the end of the year are:
Director | Title | Appointment Date | Resignation Date |
Brett Mitchell | Executive Chairman | 4 April 2013 | - |
Roby Zomer | Managing Director & CEO | 15 February 2016 | - |
Nativ Segev | Non-Executive Director | 15 February 2016 | - |
Ross Walker | Non-Executive Director | 15 February 2016 | - |
Stephen Parker | Non-Executive Director | 13 March 2019 | - |
Evan Hayes | Non-Executive Director | 1 September 2020 | - |
Directors were in office for the entire year and up to the date of this report unless otherwise indicated.
Company Secretary
Rachel Kerr held the position of Company Secretary for the full financial year.
Principal Activities
MGC Pharmaceuticals Ltd (ASX: MXC) is a European based bio-pharma company developing and supplying affordable standardised phytocannabinoid derived medicines to patients globally. The Company's founders were key figures in the global medical cannabis industry and the core business strategy is to develop and supply high quality phytocannabinoid derived medicines for the growing demand in the medical markets globally. MGC Pharma has a robust product offering targeting two widespread medical conditions - epilepsy and dementia - and has further products in the development pipeline.
Employing its 'Nature to Medicine' strategy, MGC Pharma has partnered with renowned institutions and academia to optimise cultivation and the development of targeted phytocannabinoid derived medicines products prior to production in the Company's EU-GMP Certified manufacturing facility.
MGC Pharma has a number of research collaborations with world renowned academic institutions, and including recent research highlighting the positive impact of using specific phytocannabinoid formulations developed by MGC Pharma in the treatment of glioblastoma, the most aggressive and, so far, therapeutically resistant primary brain tumour. MGC Pharma has a growing patient base in Australia, the UK, Brazil and Ireland and has a global distribution footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.
Operating Results
The consolidated loss of the Group from continued operations amounted to $18,769,799 (2019 (Restated): $11,053,913).
Dividends Paid or Recommended
No dividends have been paid or declared for payment during, or since, the end of the financial year.
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MGC Pharmaceuticals Ltd. published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2020 08:19:03 UTC