AIM- and Nasdaq-listed HealthTech firm Midatech Pharma, a drug delivery technology company, has raised £5m through a share placing in the UK.
The firm, which has headquarters and an R&D facility in Cardiff, focuses on enhancing and extending the lives of patients with rare and serious cancers, via both in-house programmes as well as partnered programmes.
It develops improved chemotherapeutics or new immunotherapeutics, using its proprietary platform drug delivery technologies including Q-Sphera, a platform to prolong and control the release of therapeutics over an extended period of time from weeks to months.
The proceeds in the UK placing a will be used to advance the firm’s internal pipeline of Q-Sphera products through proof-of-concept and in vivo studies for potential out-licensing, to develop Q-Sphera technology for unique application with biologic active pharmaceutical ingredients; and for general corporate purposes.
The UK placing was significantly oversubscribed and brings new UK institutions into the company’s shareholder base.
Stephen Stamp, Midatech CEO and CFO, said: “I am delighted with the progress we have made since we switched our Q-Sphera strategy to a balanced internal pipeline and partner collaboration model.
“In only a few weeks we have both formulated internal candidates and demonstrated their in vitro dissolution; our next step is to confirm these results in vivo. We have also signed R&D collaborations with two prestigious partners to explore the feasibility of applying our technology to their proprietary molecules.
“If successful, we plan to enter into licence and technology transfer agreements with our partners. The proceeds of the UK Placing and Broker Option will allow us to take our internal pipeline through proof-of-concept and develop the Q-Sphera technology for unique applications with biologic active pharmaceutical ingredients.”