ABINGDON, OXFORDSHIRE/ACCESSWIRE/April 26, 2022/Midatech Pharma PLC (AIM:MTPH.L)(NASDAQ:MTP)a drug delivery technology company focused on improving the bio-delivery and bio-delivery of drugs, announces its preliminary audited results for the fiscal year ended December 31, 2021.
2021 HIGHLIGHTS
Operational
In June 2021, in an R&D update, we announced:
o Breakthrough data on successful encapsulation of a biologic using Q-Sphera technology. We believe that no other commercial or academic organization has been able to successfully deliver therapeutic proteins over long periods of time using methods capable of commercial scale-up.
o Delivery of proof of concept formulations of MTX214 and MTX216 to our collaboration partner Janssen for them to undertake ilive studies.
o Successful development of a long-acting formulation of MTD211 (Q-brexpiprazole) which, in in vivo studies, demonstrated that a single injectable dose could deliver therapeutic blood levels of brexpiprazole over a period of three months.
· In July 2021, we closed a placement of 35.1 million new ordinary shares to investors in the UK to raise gross proceeds of £10 million (£9 million net of expenses).
· In August 2021, we announced that the company had moved its headquarters, including custom-built offices and laboratories, to new facilities at Caspian Point in Cardiff. The new premises were officially opened by Welsh Economics Minister Vaughn Gething MS.
· In December 2021, we announced the successful completion of the 30-day FDA review period of our Investigational New Drug Application for a planned Phase I study of MTX110 in recurrent glioblastoma multiforme.
After the end of the period
· In January 2022, we announced an extension of our R&D collaboration with Janssen. As part of the expanded collaboration, we will focus on maximizing drug loading and optimizing in vitro release duration of Janssen’s undisclosed investigational molecule using our Q-Sphera technology.
· In February 2022, we announced that Janssen had added a second molecule to the collaboration with the same goals of maximizing drug load and optimizing in vitro release duration.
Financial
· Total gross receipts(1) for the year £0.58m (2020: £0.34m).
· Customer turnover(2) for 2021 of £0.58m (2020: £0.18m).
The UK placement in July 2021 raised £9.0 million, net of expenses.
Cash and deposits at 31 December 2021 of £10.06m (2020: £7.55m).
Net loss from continuing operations of £5.46m (2020: £22.19m loss).
· Net cash inflows of £2.52m during the year (2020: cash outflows of £3.64m).
· Tax credit receivable of £0.67m (2020: £1.16m).
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1. Total gross revenue represents collaboration revenue from continuing operations plus grant revenue.
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2. Client revenue represents total gross revenue, excluding grant revenue.
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For more information please contact:
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Midatech Pharma PLC
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Stephen Stamp, CEO, CFO
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Tel: +44 (0)29 2048 0180
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Strand Hanson Limited (Designated and Financial Advisor)
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James Dance / Matthew Chandler / Rob Patrick
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Tel: +44 (0)20 7409 3494
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Turner Pope Investments (TPI) Limited (Broker)
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| Andrew Thacker / James Pope (corporate brokerage) |
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Tel: +44(0)20 3657 0050
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IFC Advisory Limited (Financial PR and UK Investor Relations)
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Tim Metcalfe / Graham Herring
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Tel: +44 (0)20 3934 6630
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Email: midatech@investor-focus.co.uk
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Edison Group (US Investor Relations)
Alyssa Factor
Tel: +1 (860) 573 9637
Email: afactor@edisongroup.com
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About Midatech Pharma PLC
Midatech Pharma PLC (dually listed on LSE AIM: MTPH; and NASDAQ: MTP) is a drug delivery technology company focused on improving the bio-delivery and bio-delivery of drugs. The company combines approved and in-development drugs with its proprietary and innovative drug delivery technologies to deliver compelling products that have the potential to powerfully impact the lives of patients.
The Company has developed three in-house technology platforms, each with its own unique mechanism to enhance drug delivery to disease sites. All of the Company’s technologies have successfully entered human clinical use, providing important validation of each platform’s potential:
Q-Sphera™ platform: a disruptive micro-technology used for sustained release to prolong and control the release of therapeutics over a long period of time (weeks to months).
MidaSolve™ Platform: Innovative nanotechnology used to dissolve insoluble drugs so they can be delivered in liquid form directly and locally into tumors.
MidaCore™ Platform: Cutting-edge nanotechnology used to target drugs to disease sites.
The platform nature of the technologies offers the possibility of developing several pharmaceutical assets rather than being dependent on a limited number of programs. Midatech technologies are supported by 36 patent families including 120 issued patents and 70 additional patent applications. Midatech’s headquarters and R&D center are located in Cardiff, UK. For more information, please visit www.midatechpharma.com
Forward-looking statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of United Kingdom law and/or the United States Private Securities Litigation Reform Act. All statements in this announcement that do not relate to historical facts should be considered forward-looking statements.
Reference should be made to documents which Midatech will file from time to time or announcements which may be made by Midatech pursuant to the London Stock Exchange’s AIM Rules for Companies (“AIM Rules”), Disclosure and Transparency Rules ( “DTR”) and rules and regulations promulgated by the United States Securities and Exchange Commission, which contain and identify other important factors that could cause actual results to differ materially from those contained in any projections or statements prospective. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or about Midatech are expressly qualified in their entirety by the above cautionary statements. Except as may be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, Midatech undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. arising.
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THE SOURCE: Midatech Pharma PLC
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