(Alliance News) - Midatech Pharma PLC on Friday said it was unaware of any reason for the sudden change in its share price as it said there are no updates in relation to its formal sales process.
Shares in the biotechnology company were trading 11% higher at 51.00 pence each on Friday afternoon in London, soaring from 25.00p each on Monday morning.
Midatech added that it is continuing with its sales process and has no material updates on this at present.
At the end of March 2020, the company said it opted to terminate in house development of its MTD201 asset, closing down manufacturing facilities for MTD201 in Bilbao. This was a response both to "prevailing conditions in the capital markets" as well as its "inability to raise additional capital".
MTD201 was previously being developed by Midatech as a treatment for acromegaly and neuroendocrine tumours. Acromelagy is hormone disorder which can cause bones in the hands, feet, and face to get bigger. Neuroendocrine tumours affect the cells responsible for releasing hormones.
At the time, Midatech said that while it was still open to all options that might enable the extraction of value from its technologies, including MTD201, it would also consider the sale of one of all of its technologies through a formal sale process. The company's other clinical stage assets include MTX110, a possible childhood brain cancer treatment, and potential psoriasis drug MTX114.
Earlier in April, the company noted that while initial enquiries have been received regarding the sale of the company or its technologies, there have been no approaches so far.
The strategic review is set to complete by the third quarter of 2020.
By Ife Taiwo; ifetaiwo@alliancenews.com
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