Midatech Pharma Secures £10M In Equity To Fund Product Development

Midatech Pharma Secures £10M In Equity To Fund Product Development
  • Midatech Pharma plc MTP has raised £10 million from equity placing to fund its product development pipeline.
  • Approximately 35 million new shares in the Company were issued at 28.5p each, a 12% discount on Monday's closing price.
  • Considering available cash resources and the expected net proceeds, the Company expects sufficient cash resources to fund operations into Q1 of 2023.
  • The proceeds will be used to develop its Q-Sphera technology following the success with the exemplar mAb disclosed as part of the Company's R&D update.
  • Also, add new small molecule Q-Sphera programs to the Company's internal pipeline; initiate a Phase 2 study of MTX110 in DIPG and a pilot Phase 1 study of MTX110 in GBM.
  • Price Action: MTP shares are down 1.35% at $2.20 during the premarket session on the last check Tuesday.

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