(Alliance News) - Midatech Pharma PLC on Monday reported a narrowed first-half loss and said two of its cancer drugs are nearing the final stages of clinical development.
In the six months to June 30, total revenue, including research grants, fell by 18% to GBP450,000 from GBP550,000. Lower expenses led to its pretax loss being narrowed to GBP5.3 million from GBP6.5 million however.
Research & development costs fell by 25% to GBP3.5 million from GBP4.6 million and administrative expenses by 3.4% to GBP2.0 million from GBP2.1 million.
The company is developing the MTD201 treatment for carcinoid cancer and the MTX110 medication for childhood brain cancer.
An MTD201 study indicated that the product has "favourable product characteristics" and an MTX110 trial has also progressed with the medication "being well tolerated" by patients treated.
The company added: "With MTD201 and MTX110 both moving into the final stages of their clinical development, subject to funding, the next 12-18 months promises to be a transformational period for the group. We are excited at the prospect of our products progressing in the clinic and making a difference for patients and create value for our shareholders."
Shares in Midatech closed 0.6% lower at 5.22 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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