Australia’s MGC Pharmaceuticals looks to the US OTC market to fuel growth

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The company is offering its shares on the OTCQB venture market

Australia-based MGC Pharmaceuticals is concentrating on international expansion. The biopharma company produces treatments for dementia and epilepsy that include cannabis-based products and has seen a fair amount of success in the land down under. Now, it is pushing forward with plans to be found across the globe and has announced that it is offering its shares on the OTCQB venture market.

The shares are listed under the ticker symbol MGCLF. The launch comes less than a month after MGC signed a deal with two major universities – the Royal Melbourne Institute of Technology and The Hebrew University of Jerusalem – to create a research hub for cannabis-based medical treatments.

According to MGC’s founder and managing director Roby Zomer, “Trading on the OTC market is a landmark achievement for the company, as it supports our growth strategy of generating increased exposure across international markets.” He added, “We are focused on growing the business and providing better access for investors internationally.”

The OTCQB is the replacement to the OTCBB, which was operated by the Financial Industry Regulatory Authority. It is the principle market for trading OTC securities that are required to report to regulators in the U.S.

MGC supplies medicines to Europe and Australia. Its cannabis grows are located in the Czech Republic and Slovenia and it now has approval to build another facility in Malta. According to Edison Investment Research, the company’s share price has been significantly undervalued and set its target price in October at $0.11 per share.