US$3.0 Million Registered Direct Offering18 May 2020 15:23
18 May 2020 - Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), an R&D biotechnology company focused on delivering innovative oncology and rare disease products to patients, is pleased to announce that it has entered into definitive binding agreements with institutional investors (the "Investors") for the purchase in a registered direct offering (the "Offering") of 1,818,182 of its American Depositary Shares ("ADSs") (each ADS representing five of the Company's ordinary shares (the "New Ordinary Shares")) at a purchase price of US$1.65 per ADS (equivalent to £0.27 per New Ordinary Share), for aggregate gross proceeds of US$3.0 million (£2.5 million). Additionally, in a concurrent private placement, the Company has agreed to issue to the Investors unregistered warrants to purchase up to an aggregate of 1,818,182 ADSs. The Offering is expected to close on or about May 20, 2020, subject to satisfaction of customary closing conditions.