Contravention of the TGA Advertising Code

RNS Number : 9641A

MGC Pharmaceuticals Limited

28 September 2022

 

MGC Pharmaceuticals Ltd.

Contravention of the Australian Therapeutic Goods Administration Advertising Code

28 September 2022

ASX, LSE: MXC

On 27^th September 2022, MGC Pharmaceuticals Ltd (ASX, LSE: MXC, 'MGC Pharma' or 'the Company'), was advised by a delegate of the Secretary of the Australian Government Department of Health and Aged Care of a decision to issue 23 infringement notices totalling AUD$306,960 to the Company on the basis of the delegate's reasonable belief that the Company had contravened therapeutic goods advertising laws in its promotion of medicinal cannabis products on the Company's website and its social media platforms.

MGC Pharma has cooperated fully with the TGA to remedy the issues raised, including removing all posts of concern from its social media channels, some of which were third-party posts, and placing the Company's website into maintenance. The website will be live again in November following a rebranding exercise, with new internal guidelines implemented to prevent a repeat occurrence.

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Authorised for release by the Chairman, for further information please contact:

MGC Pharmaceuticals Ltd Roby Zomer CEO & Managing Director [phone] [e-mail]	MGC Pharmaceuticals Ltd David Lim Company Secretary [phone] [e-mail]
UK Broker - Turner Pope Andy Thacker [phone] [e-mail]	UK PR Advisors - Tavistock Charles Vivian / Tim Pearson [phone] [e-mail]

About MGC Pharma

MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based bio-pharma company, focused on developing and supplying accessible and ethically produced plant inspired medicines, combining in-house research with innovative technologies, with the goal of finding or producing treatments to for unmet medical conditions.

The Company's founders and executives are key figures in the global pharmaceuticals industry and the core business strategy is to develop and supply high quality plant inspired medicines for the growing demand in the medical markets in Europe, North America and Australasia.

MGC Pharma has a robust development pipeline targeting two widespread medical conditions and has further products under development. 

MGC Pharma has partnered with renowned institutions and academia to optimise the development of targeted plant inspired medicines, to be produced in the Company's EU-GMP Certified manufacturing facilities. 

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.

Follow us through our social media channels:

Twitter: @MGC_Pharma

Facebook: @mgcpharmaceuticals

LinkedIn: MGC Pharmaceuticals Ltd.

Instagram: @mgc_pharma

 

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