Midatech Release: Interim Results For The Six Months Ended 30 June 2015
Midatech Pharma (AIM: MTPH), the international specialty pharmaceutical company with a diversified portfolio of high-value products in development, today announces its interim results for the six months ended 30 June 2015.
Operational Highlights
• Offer, negotiation and agreement to acquire DARA Biosciences Inc. in the US
• Positive results in a proof-of-concept in vivo study for our OpsiSporin sustained release treatment for uveitis
• Approval and site initiation of our Phase IIa transbuccal Insulin (MidaFormTM) clinical trial
• Commissioning of new laboratories and offices at our Head Office site in Abingdon
• Three new collaborations signed
• Commencement of product candidate testing in vivo for glioblastoma
Financial Highlights
• Revenue grew from £36k in the six months to June 2014 to £324k (up 800%)
• Administrative expenses increased from £1,862k in the six months to June 2014 to £3,768k (up 102%)
• Research and development costs increased from £1,260k in the six months to June 2014 to £1,822k (up 45%)
• Net cash outflow from operating activities (before changes in working capital) was £4,983k, up 70% from £2,923k in the six months to June 2014. The cash balance at 30 June 2015 stood at £24.34m.
• Loss per share decreased by 54% from 39p in the six months to June 2014 to 18p
Commenting on the interim results, Dr. Jim Philips, CEO of Midatech Pharma, said: “2015 has shown a strong start to Midatech’s next stage of corporate development. With the proposed acquisition of DARA BioSciences, three new collaborations and further progress with our own pipeline, we continue to build upon our strategy with the aim of creating a world-class specialty pharmaceutical company.”
Conference call today
Dr Jim Phillips, Chief Executive Officer and Nick Robbins-Cherry, Finance Director, will host a conference call for analysts at 1300 BST today. The conference call ID is: 24926910.
UK: +44 1452 555 566
USA: +1 631 510 7498
A replay of the call will be available for 30 days after the event, using the same conference ID: 24926910.
UK: +44 1452 550 000
USA: +1 866 247 4222
- Ends -
For more information, please contact:
Midatech Pharma PLC
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate Finance
Freddy Crossley / Adam James / Atholl Tweedie / Duncan Monteith
Broking
Tom Salvesen
Tel: +44 (0)20 7886 2500
Consilium Strategic Communications (Financial PR)
Mary Jane Elliott / Ivar Milligan / Matthew Neal / Hendrik Thys
Tel: +44 (0)20 3709 5700
Email: midatech@consilium-comms.com
About Midatech Pharma PLC
Midatech is a nanomedicine company focused on the development and commercialisation of multiple, high-value, targeted therapies for major diseases with unmet medical need. These diseases include diabetes, rare cancers including brain (glioblastoma), ovarian, liver and pancreatic cancer and neurological/ophthalmologic conditions.
Midatech’s strategy is to develop its products in-house in rare cancers and with partners in other indications, and to accelerate growth of its business through strategic acquisition of complementary products and technologies.
All of Midatech’s product candidates derive from its two multi-applicable platform technologies that can be used alone or in combination to enable the targeted delivery (‘right place’) and controlled release (‘right time’) of existing drugs. These technologies are provided through its wholly-owned subsidiaries, Midatech and Q Chip (acquired in 2014).
Midatech’s core platform is a drug conjugate delivery system based on a patented form of gold nanoparticles (GNP) combined with existing drugs for the safe and targeted release of therapeutic payloads at specific organs, cells or sites of disease.
The Group’s second platform is a sustained release technology acquired with Q Chip that involves the consistent and precise encapsulation of active drug compounds within polymer microspheres enabling their release into the body in a highly controlled manner over a prolonged period of time.
Midatech announced the proposed acquisition of DARA BioSciences Inc., (NASDAQ: DARA), an oncology supportive care pharmaceutical company, in June 2015. The acquisition will add an oncology-focused commercial platform and products in the US.
The Group is headquartered near Oxford, UK, with a nanoparticle manufacturing operation in Bilbao, Spain and an R&D facility in Cardiff, UK.
For further company information see: www.midatechgroup.com.
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Operational Highlights
• Offer, negotiation and agreement to acquire DARA Biosciences Inc. in the US
• Positive results in a proof-of-concept in vivo study for our OpsiSporin sustained release treatment for uveitis
• Approval and site initiation of our Phase IIa transbuccal Insulin (MidaFormTM) clinical trial
• Commissioning of new laboratories and offices at our Head Office site in Abingdon
• Three new collaborations signed
• Commencement of product candidate testing in vivo for glioblastoma
Financial Highlights
• Revenue grew from £36k in the six months to June 2014 to £324k (up 800%)
• Administrative expenses increased from £1,862k in the six months to June 2014 to £3,768k (up 102%)
• Research and development costs increased from £1,260k in the six months to June 2014 to £1,822k (up 45%)
• Net cash outflow from operating activities (before changes in working capital) was £4,983k, up 70% from £2,923k in the six months to June 2014. The cash balance at 30 June 2015 stood at £24.34m.
• Loss per share decreased by 54% from 39p in the six months to June 2014 to 18p
Commenting on the interim results, Dr. Jim Philips, CEO of Midatech Pharma, said: “2015 has shown a strong start to Midatech’s next stage of corporate development. With the proposed acquisition of DARA BioSciences, three new collaborations and further progress with our own pipeline, we continue to build upon our strategy with the aim of creating a world-class specialty pharmaceutical company.”
Conference call today
Dr Jim Phillips, Chief Executive Officer and Nick Robbins-Cherry, Finance Director, will host a conference call for analysts at 1300 BST today. The conference call ID is: 24926910.
UK: +44 1452 555 566
USA: +1 631 510 7498
A replay of the call will be available for 30 days after the event, using the same conference ID: 24926910.
UK: +44 1452 550 000
USA: +1 866 247 4222
- Ends -
For more information, please contact:
Midatech Pharma PLC
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate Finance
Freddy Crossley / Adam James / Atholl Tweedie / Duncan Monteith
Broking
Tom Salvesen
Tel: +44 (0)20 7886 2500
Consilium Strategic Communications (Financial PR)
Mary Jane Elliott / Ivar Milligan / Matthew Neal / Hendrik Thys
Tel: +44 (0)20 3709 5700
Email: midatech@consilium-comms.com
About Midatech Pharma PLC
Midatech is a nanomedicine company focused on the development and commercialisation of multiple, high-value, targeted therapies for major diseases with unmet medical need. These diseases include diabetes, rare cancers including brain (glioblastoma), ovarian, liver and pancreatic cancer and neurological/ophthalmologic conditions.
Midatech’s strategy is to develop its products in-house in rare cancers and with partners in other indications, and to accelerate growth of its business through strategic acquisition of complementary products and technologies.
All of Midatech’s product candidates derive from its two multi-applicable platform technologies that can be used alone or in combination to enable the targeted delivery (‘right place’) and controlled release (‘right time’) of existing drugs. These technologies are provided through its wholly-owned subsidiaries, Midatech and Q Chip (acquired in 2014).
Midatech’s core platform is a drug conjugate delivery system based on a patented form of gold nanoparticles (GNP) combined with existing drugs for the safe and targeted release of therapeutic payloads at specific organs, cells or sites of disease.
The Group’s second platform is a sustained release technology acquired with Q Chip that involves the consistent and precise encapsulation of active drug compounds within polymer microspheres enabling their release into the body in a highly controlled manner over a prolonged period of time.
Midatech announced the proposed acquisition of DARA BioSciences Inc., (NASDAQ: DARA), an oncology supportive care pharmaceutical company, in June 2015. The acquisition will add an oncology-focused commercial platform and products in the US.
The Group is headquartered near Oxford, UK, with a nanoparticle manufacturing operation in Bilbao, Spain and an R&D facility in Cardiff, UK.
For further company information see: www.midatechgroup.com.
Help employers find you! Check out all the jobs and post your resume.