(Alliance News) - Midatech Pharma PLC on Tuesday said it will partner with the European arm of "a global pharmaceutical company" for the development of its Q-Sphera drug delivery platform.
Midatech shares closed at 87.00 pence each in London on Tuesday, more than quadrupled from 21.00p on Monday.
The Cardiff-based biotechnology company explained it will "deploy its in-house expertise and proprietary drug delivery platforms" to some of the unnamed pharmaceutical firm's assets.
"The feasibility studies may establish the application of the Q-Sphera platform to new modalities in drug delivery. Novel assets and products arising from the collaboration will be the property of the pharmaceutical company and in the event that the feasibility study is successful, the pharmaceutical company would be required to enter into a licence agreement to use the Q-Sphera platform," Midatech said.
Midatech Chief Executive Officer Stephen Stamp added: "This collaboration with a highly reputable company further builds upon Midatech's mission to use our expertise and established capabilities to continually innovate and improve our technologies. By furthering our collaborative business model, we believe we can enable the unique qualities of this technology to reach beyond our own internal development pipeline for the benefit of all patients."
Back in June, Midatech partnered with India-based Dr Reddy's Laboratories. The research pact would see Midatech use its drug delivery platform with aim to improving Dr Reddy's medication.
By Neetika Kurup; neetikakurup@alliancenews.com
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