MGC Pharmaceuticals : Annual Report for the year ended 30 June 2020

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
Corporate Directory..................................................................................................................................................	3
Directors' Report ......................................................................................................................................................	4
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: [phone]
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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