RGT 0.00% 29.0¢ argent biopharma limited

Lots going on for MXC at the moment - JV, LSE listing, new...

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    Lots going on for MXC at the moment - JV, LSE listing, new facility in Malta, plenty of distribution agreements .....

    I used a bit of free time today to see what I could find about this slow burner.
    Yes, they have on the dates mentioned in today's announcement talked about reducing costs (albeit with no figures)

    1)6/4/20 - Salary Cuts Implemented for MGC Board, Key Management and Staff Prior to the COVID-19 pandemic developments, the Board of Directors had agreed to implement Executive and Non executive Director salary reductions from 1 January 2020 as was outlined in ASX announcements on 17 February and 16 March 2020

    2)17/2/20 - MGC Pharma announces $1m Strategic Placement and $3m Share Purchase Plan Announcement –…”alongside with steps that has been taken within the management structure to reduce corporate costs, in order to streamline its only Pharma activities.”

    3)16/3/20 Announcement -MGC remains focussed on maintaining a strong balance sheet, and will reduce costs where appropriate, including salary and cost reductions for executive management and key personnel.

    17/2/20- MGC Pharma announces $1m Strategic Placement and $3m Share Purchase Plan Announcement – … “The Company now estimates to be producing 2,000 prescription medicines per month by June 2020, based on current order growth and expressions of interest from new distributors and territories, and 5,000 prescriptions per month by end 2020……The Company expects to reach operating cashflow breakeven (including overheads and corporate costs) at 5,000 prescriptions per month production rate, based on its current cost structure and product margins…” In reading this last point 4) what was more interesting was their estimates of when MXC will be a breakeven business. My question then is, how is COVID impacting sales and where are we sitting in terms of prescription sales per month?


    Last edited by Alk47: 06/04/20
 
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