24 Feb 2015 07:00
24 February 2015
Midatech Pharma PLC
("Midatech", the "Company" or the "Group")
Trading Update
Midatech Pharma (AIM: MTPH), a nanomedicine company developing and commercialising multiple therapeutic products to enhance the delivery of medicines in major diseases with high unmet medical needs, today announces a trading update ahead of its full year results for the twelve months ended 31 December 2014.
Midatech is pleased to report a successful year with full year revenue expected to be slightly ahead of company expectations and a strong net cash position at year end of approximately £30 million.
The Company intends to announce its preliminary full year 2014 results on 17 April 2015 and will hold an analyst presentation on the day.
Dr Jim Philips, CEO of Midatech Pharma, commented: "Last year was a hugely significant one for Midatech Pharma culminating in the company's IPO and the acquisition of Q-Chip in December. I am also pleased to report good revenue growth in the year driven by higher than expected partnership income. Our focus is now on executing the strategy we set out at the time of our IPO aimed at realising the huge potential of our two platform technologies to deliver a step change in the treatment of diabetes, cancers and ophthalmic diseases."
For more information, please contact:
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 2948
Email: midatechpharma@citigatedr.co.uk
About Midatech Pharma PLC
Midatech Pharma is a nanomedicine company developing and commercialising multiple therapeutic products to enhance the delivery of medicines in major diseases with high unmet medical needs. The Group has a strong pipeline of product candidates in clinical and pre-clinical development with a clear focus on the key therapeutic areas of diabetes, cancer and neurological/ophthalmological diseases.
Central to Midatech's business are two platform technologies that may be used alone or potentially in combination and are designed to enable the targeted delivery ('right place') and controlled release ('right time') of existing drugs. Midatech's core platform is a pioneering drug conjugate delivery system based on gold-nanoparticles (GNPs) combined with existing drugs for targeted release at specific organs, cells or sites of disease. The Group's secondary platform (acquired through the acquisition of Q Chip) involves the consistent and precise encapsulation of active drug compounds within polymer microspheres that are designed to release the drug into the body in a highly controlled manner over a prolonged period of time.
The Group is collaborating with a number of universities, speciality and major pharmaceutical companies to develop its platform technologies into a broad number of products in order to achieve a range of potential revenue opportunities within priority therapeutic areas.
Midatech operates an in-house state-of-the-art nanoparticle manufacturing facility, based in Bilbao, Spain. The site has capacity for manufacturing sufficient materials for clinical trials and is fully licensed by the Spanish Medicines Agency for European compliance.
The Group is headquartered in Oxford, UK and employs 49 staff including 14 Oxford, UK, 17 in Cardiff, UK and 18 in Bilbao, Spain. Across the Group there are 32 qualified scientists.
Midatech Pharma is quoted on the AIM segment of the London Stock Exchange under the symbol MTPH.
For further company information see www.midatechgroup.com