LONDON (Alliance News) - Midatech Pharma PLC Friday posted a widened pretax loss for 2014 in its maiden results since floating on AIM last December, due to listing costs and investment in progressing its pipeline.
The speciality pharmaceutical company posted a pretax loss of GBP8.0 million, widened from a pretax loss of GBP4.9 million in 2013, as a result of costs related to its listing on AIM, and a step up in administrative costs related to staff it acquired with Q Chip Ltd. Additionally, it upped spend on research and development as it continued to develop its needle-free insulin delivery product.
It posted revenue of GBP157,000, up from GBP147,00 a year before.
The company said its insulin delivery product Midaform TM, developed through a joint venture with US pharmaceutical company MonoSol Rx LLC, is its most advanced programme. The product is ready to begin phase 2 development in 2014.
Midatech raised GBP32 million in its initial public offering, leaving it with a net cash inflow of GBP27.9 million for the year.
"During 2015 we will continue to execute on our three-pronged strategy of driving early revenue growth through the service partnership model, whilst driving forward the clinical development of our own pipeline, further developing our technology and continuing to look for attractive acquisition targets to enable us to more rapidly build our revenues and presence in key geographies," said Chief Executive Officer Jim Phillips.
Shares in Midatech are trading down 4.9% at 290.00 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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