LONDON (Alliance News) - Shares in Midatech Pharma PLC jumped on Friday following positive data from its proof of concept exploratory study for its key oncology drug candidate MTD201.
Shares in the rare disease-focused pharmaceutical company leapt 33% to 34.50 pence on Friday.
MTD201 Q-Ocreotide is a sustained-release treatment for carcinoid cancer and acromegaly.
In a a double-blind exploratory study, the tolerability, pharmacokinetics and growth hormone profiles after a 30 milligram injection in 24 healthy subjects were compared between MTD201 and Novartis AG's Sandostatin LAR.
Results from the study indicated that MTD201 produces a safe sustained-release profile of octreotide with growth hormone levels suppressed by an average of 25%, comparable with Sandostatin.
Injection site reactions were generally mid and shortlived, with pain at the injection site reported in 8.0% of MTD201's patients, compared to 25% for Sandostatin subjects.
Finally, MTD201 was administered using a 21G needle, whereas Sandostatin used the larger 19G needle, giving MTD201 an advantage in terms of fewer reconstitution errors and wastage.
Midatech will now seek regulatory approval for MTD201 as an equivalent product of improved product to Sandostatin in preparation for a follow-on trial.
"After five years of development, we are delighted to have achieved positive first-in-human data. We look forward to unlocking the full potential of our MTD201 programme as well as the Q-Sphera platform, both for Midatech and for our partners looking to capture a share of the multibillion dollar sustained-release treatment opportunities," said Chief Executive Officer Craig Cook.