The MGC Pharmaceuticals Ltd (LON: MXC) share price surged 11.1% earlier today after releasing the results of its latest Annual General Meeting (AGM) combined with its updated investor presentation.
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The market's positive reaction triggered the rally in MGC Pharma shares before the shares reversed course and erased all their gains. Luckily for investors, MXC shares had recouped their losses and were trading at their highs by the time of publishing.
All the resolutions the company’s management team presented were passed by the majority of shareholders, which triggered a positive reaction from investors. Furthermore, the company also released its updated investor presentation, which sets out its new strategic direction.
MGC Pharmaceuticals has positioned itself as a life science company that develops innovative medicines for under-treated diseases. The company’s vision is to impact under-treated medical conditions and diseases globally.
The company has established a pharma platform with an integrated global research hub offering plant-inspired ingredients and pharmaceutical formulations. The firm has a corporate team with extensive pharmaceutical experience and an experienced pharma and research team.
MGC Pharma noted that the global pharma market was worth about £1.3 billion, and the global pharma market is worth £95 billion. The company operates at the intersection of these two industries and could see massive future market share growth.
The life science company recently updated its website, followed by today’s update to its corporate presentation indicating that it is reinventing itself to power its future growth and become a market leader in developing plant-based medicines for under-treated diseases.
Therefore, based on recent events, MGC Pharma’s prospects are promising, but I would like to see it report positive clinical results and advance some of its drug candidates.
*This is not investment advice.
MGC Pharmaceuticals share price.
The MGC Pharma share price rallied 11.11% to trade at 0.75p before erasing its gains to trade in negative territory.