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That's a good question, and if the answer is yes, will Emergex (with all it's new million £s of grant money) sit back and just let it close?
It’s a shame that this should happen when they were finally making clinical progress. When Stephen Stamp was brought in as CFO he was awarded 1,000,000 share options at 5.25p (now 105p), 400,000 vested upon completion of a fundraising of not less than $20 million before 9 September 2020. He must have realised that was no longer feasible. The drastic steps they have taken follow naturally.
I’m not happy with the change in emphasis on the EU grant. On 5th December 2019, the RNS said, ‘the funds are subject to finalisation of the grant agreement.’ Now they say, ‘because of a technicality, the EU has not yet confirmed Midatech's status as an SME’. Since Midatech had to find the other 30% for the study, I guess the company saves money if GlioKids is cancelled?
I would like them to say something about the manufacturing equipment in Bilbao. As far as I know, all the Q-Sphera and MidaCore manufacturing went on in Bilbao. Will this decision impact the availability of the gold nanoparticles for the development of vaccines by Emergex?
Not the news I was expecting – but the only realistic outcome when you can’t raise funds. Close the Bilbao manufacturing facility and terminate in-house development of MTD201. The chairman said, ‘these are unprecedented times and the decisions we are announcing today regarding MTD201, our Bilbao manufacturing facility, and staff are regrettable but also necessary to give Midatech time to find and deliver a solution for all stakeholders. Unfortunately, recent events have caused us to re-evaluate our strategy and priorities to ensure that we can fulfil the potential of our technologies and pipeline.’
The company, just like much of the economy, is going into a ‘medically induced coma.’ Cut back to the bare minimum and wait for things to return to some normality. I feel for all the gifted and dedicated staff that they have had to let go.
Someone will want the tech, MTD201 and MTX110. I must admit I thought it would have been a relatively straightforward task finding a partner for MTD201, and yet they have struggled. Now they are definitely not continuing to develop and manufacture it in-house, will a partner be easier to find? What are CMS and A&B going to do?
Oh dear.