(Alliance News) - Oncology-focused biotechnology company Midatech Pharma PLC confirmed on Thursday that it had received a EUR2.6 million EU grant to further the clinical development of MTX110 for the treatment of Diffuse Intrinsic Pontine Glioma, a rare and fatal form of childhood brain cancer.
The trial will last a year and involve approximately 20 patients.
The grant which covers 70% of the expected study costs is subject to the finalisation of the grant agreement currently being prepared with the EU. This process is expected to conclude in early 2020.
Craig Cook, chief executive of Midatech said: "We look forward to continuing our development of MTX110 as an effective therapy with the potential to make a substantial difference for patients based on its efficacy potential, demonstrated safety, and the ability to exploit novel and alternative routes of administration that provide a 'direct to tumour' platform for the broader application of MTX110, for childhood and adult brain cancers."
MTX110 was granted Orphan Drug Status by the US Food & Drug Administration. Orphan designation is awarded to medications intended for the treatment, prevention or diagnosis of a rare disease or condition. The drug's orphan drug status means that Midatech will benefit from a more rapid approval process, assistance from regulatory agencies during drug development and the opportunity for market exclusivity following approval.
Shares in Midatech Pharma were up 4.3% at 2.76 pence in Thursday In London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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