Midatech inks evaluation agreement with Asian pharma outfit

(Sharecast News) - Pharmaceutical research and development outfit Midatech has inked an agreement with an unnamed company to evaluate its Q-Sphera drug delivery platform.Midatech will work with its mystery partner on its Q-Sphera platform, which allows drug compounds to be released into the body in a "highly controlled manner" over a prolonged period of time, first conducting a feasibility program using the technology.Chief executive Dr Craig Cook, said: "This marks another important step in the development of our impressive Q-Sphera technology, after the positive clinical 'proof of concept' first-in-human study earlier this year in carcinoid cancer and acromegaly."Elsewhere, Midatech revealed that it was currently in "advanced discussions" with a new Asia-based strategic investor regarding a potential £8m investment in the firm.In addition to the investment, the AIM-listed firm will issue an undisclosed amount of shares at 50p each as part of an offer in order to raise more funds for expected scale-up costs associated with the manufacture of its lead development product MTD201, a treatment for carcinoid cancer and acromegaly.As of 1010 GMT, Midatech shares had shot up 10.24% to 6.89p.