LONDON (Alliance News) - Midatech Pharma PLC on Tuesday said it entered into conditional agreements to raise GBP8 million by way of a subscription for new ordinary shares at 3.85 pence per share.
Conditional on completion of the subscription, the company has entered into a licence agreement for the development and commercialisation of its products in greater China and certain south east Asian countries.
CMS Medical Venture Investment Ltd and A&B Co Ltd have each subscribed for 103.9 million shares with attached warrants at an exercise price of 50p each.
Under the licence agreement, CMS Bridging Ltd, CMS Medical Hong Kong Ltd and CMS, will licence exclusive rights to use Midatech's technology and intellectual property rights.
Midatech shares closed up 4.4% at 4.28 pence each on Tuesday.