8 Dec 2014 12:00
Midatech Pharma acquires Q Chip to support novel delivery platforms and product developments in cancer, diabetes and ophthalmology
8 December 2014
Oxford, UK - Midatech Pharma PLC (AIM: MTPH, "Midatech" or the "Company") is pleased to announce the completion of the acquisition of Q Chip Limited and its subsidiaries ("Q Chip"), following its Admission to trading on the AIM Market of the London Stock Exchange at 8.00am today under the ticker "MTPH".
Q Chip has developed a complementary technology and products that allow sustained release of substances over extended periods of time and will provide a platform to incorporate Midatech's gold nanoparticle (GNP) compounds for sustained and extended release. The Q Chip acquisition also adds further programmes in cancer and ophthalmology based on the sustained release platform to the Company's existing portfolio in in cancer, diabetes and neuroscience..
Commenting on the transaction, Q Chip's Chairman, Dr Simon Turton, and CEO, Dr Tim Sparey, said "We are delighted that Midatech and Q Chip will combine. The enlarged group will have complementary technologies, products and management with the potential to deliver further value for investors and new innovative products for patients." Dr Turton will join the board of Midatech Pharma as the Senior Independent Non-executive Director and Dr Sparey will join Midatech as Chief Business Officer.
Q Chip has been funded to date by Finance Wales, Disruptive Capital Finance and individual investors including an angel syndicate including both Simon Turton and Non-executive Director, Ken Powell.
Dr Jim Philips, CEO of Midatech Pharma, said: Midatech is progressing an exciting portfolio of product development programmes towards commercialisation based on our GNP technology platform for targeted drug delivery. The acquisition of Q Chip brings further value to our product offering, adding a complementary technology platform and a range of additional advanced product programmes that have the potential to deliver accelerated revenue streams. We also welcome the Q Chip team and look forward to advancing our platforms and products towards commercialisation."
Midatech was advised by Panmure Gordon (UK) Limited, Brown Rudnick LLP and BDO LLP. Q Chip was advised by Theobald Associates and Geldards LLP.
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About Midatech Pharma
Midatech Pharma is a nanomedicine company focused on the development and commercialisation of multiple, high-value, targeted therapies for major diseases with unmet medical need. Midatech is advancing a pipeline of novel clinical and pre-clinical product candidates created using its pioneering drug conjugate delivery platform based on gold nanoparticles (GNPs) combined with existing drugs. Midatech's strategy is to develop its products in-house in rare cancers and with partners in diabetes, and accelerate growth of its business through strategic acquisition of complementary products and technologies. For further information, see www.midatechpharma.com
About Q Chip
Q Chip Ltd is a specialist drug delivery company based in Cardiff, UK with expertise in the application of fluidic droplet systems (including microfluidic and piezo actuator-based platforms). The main focus is formulating monodisperse microspheres for the controlled release of therapeutics. The Q-Sphera Microsphere production platform was developed in response to the limitations of current microsphere manufacturing methods and delivers consistent, reproducible and highly efficient cGMP-compliant production of microspheres whilst providing control over release kinetics.
Q Chip has easy to administer, sustained release products in development for acromegaly (Q-Octreotide) and diabetes (Q-Exenatide) which offer long duration of action with defined release profiles.
Contacts:
Midatech Pharma plc
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7886 2500
Corporate Finance
Freddy Crossley / Adam James / Atholl Tweedie / Duncan Monteith
Broking
Tom Salvesen
Citigate Dewe Rogerson (Financial PR)
Malcolm Robertson, David Dible, Mark Swallow
Tel: +44 (0) 20 7282 2867
Email: midatechpharma@citigatedr.co.uk