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

by Vandana Singh, Benzinga Editor

June 29, 2021 9:01 AM | 1 min read |

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.