MGC Increase Plant Output by 200% After Revenue Drop Last Quarter

After announcing that they experienced a decline in sales last quarter, European based bio-pharma business MGC Pharmaceuticals Ltd has made clear that it is committed to generating higher levels of revenue.

The predominant reason for drop in revenue was attributed to the scheduled closure of MGC’s manufacturing capabilities in Slovenia; the facilities were experiencing process developments and an EU audit during the same quarter. Another reason was the projected seasonal sales changes, typically highest in the autumn/winter. Together they caused a dip to $765,000 in the third quarter.

The Slovenian plant’s output volume has increased by 200% as a result of the improvements, and manufacturing there is once again underway.

MGC had a sharp rise in sales in the Australian market and reached the end of successful, but protracted, research on Covid 19.

At the same time as purchasing 40% of ZAM Software Ltd., MGC also acquired $10 million in finance provided by Mercer Street Global Opportunity Fund.

Roby Zomer, MD and Co-Founder of MGC, commented: “MGC Pharma continues to make progress on its clinical pipeline, together with driving our immediate sales growth. This will be aided by our new chief commercial officer, Robert Clements, whose 25 years of pharma industry sales experience will be invaluable as we expand our sales and distribution network.”

He continued: “Additionally, the acquisition of the ZAM data collection App has the potential to change the way people engage with their healthcare professionals, and we look forward to updating the market on its progress with our partner, ZAM Software.”

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