MTP - MTP STOCK NEWS

Midatech Pharma PLC announced the results of a General Meeting held on March 24, 2023, where shareholders approved several key resolutions. These include a Share Consolidation, consolidating every 20 ordinary shares into one new ordinary share, and a name change to Biodexa Pharmaceuticals PLC, effective March 27, 2023. Additionally, the company will cancel its admission to trading on AIM, transitioning to maintain its NASDAQ listing. Following the consolidation, the total issued share capital will comprise 8,667,337 Consolidated Ordinary Shares, each with one voting right. The new trading symbols will be BDRX on both exchanges.

Midatech Pharma PLC announced corrections to the typographical errors in the Notice of General Meeting scheduled for March 24, 2023. The corrections pertain to the proposed authority to waive pre-emption rights outlined in Resolutions 4 and 5. Specifically, the correct amounts are £1,911,169.68 for Resolution 4 and £2,300,000.00 for Resolution 5, differing from the previously stated figures. Furthermore, Resolution 4 in the Form of Proxy was misrepresented and will now correctly reflect the disapplication of statutory pre-emption rights. No new Notice or Form of Proxy will be published; amendments will occur at the GM. The corrected Form of Proxy will be available on the company's website.

Midatech Pharma PLC announced significant corporate changes in a recent press release. A General Meeting is scheduled for March 24, 2023, to vote on a proposed share consolidation, where every 20 existing shares will combine into one new share at a nominal value of £0.02. This is expected to enhance liquidity and reduce volatility. Additionally, the company aims to change its name to Biodexa Pharmaceuticals PLC and plans to cancel its admission to trading on AIM, focusing on its NASDAQ listing. The effective date for these changes is projected for March 27, 2023.

Midatech Pharma PLC (AIM:MTPH.L)(NASDAQ:MTP) has successfully closed a Private Placement of 10,344,822 Units at an issue price of US$0.58 per Unit, which will generate approximately US$5.2 million in net proceeds. The proceeds will primarily finance the clinical development of MTX110 for recurrent glioblastoma and DIPG, along with working capital needs. Additionally, Strand Hanson is now the Company's sole broker. The placement includes A Warrants and B Warrants, subject to shareholder approval. Each Unit consists of either one American Depository Share (ADS) or one Pre-Funded Warrant, enhancing investor engagement and potential future capital.

Midatech Pharma announces a private placement to raise approximately US$6 million with institutional US investors. The placement involves issuing 10,344,822 Units at an initial price of US$0.58 per Unit. This initiative aims to secure funding for the ongoing development of its clinical asset, MTX110, especially for a Phase I study in rare glioma. The expected proceeds will provide operational capital until December 2023, with key clinical results anticipated in Q2 and Q3 of 2023. However, existing shareholders may face a dilution of up to 70.5%, and if all warrants are exercised, dilution could reach as high as 87.8%.

Midatech Pharma PLC (NASDAQ: MTP) announced receipt of a Notification Letter from NASDAQ, issued on January 31, 2023, regarding non-compliance with the minimum bid price requirement of $1.00 per share. This non-compliance designation follows a 30-day period where the closing bid price was below the threshold. The company has a compliance period until July 31, 2023, to meet this requirement. During this period, the Depositary Shares will continue to trade as usual, and Midatech has the option for an additional grace period if compliance is not achieved. The company’s operations remain unaffected by this notification.

Midatech Pharma PLC (AIM:MTP; NASDAQ:MTP) announced that during its General Meeting on January 23, 2023, all ordinary resolutions were approved, but all other resolutions were rejected. Notably, this included the failed acquisition of Bioasis Technologies, Inc. and the proposed name change. The company has sufficient cash to sustain operations until mid-March 2023 but requires urgent alternative funding to continue. The Board has engaged Quantuma Advisory Limited for contingency planning. Approximately 35.6% of total issued share capital voted in the meeting.

Midatech Pharma announced a planned dose escalation in its Phase 1 study of MTX-110 for recurrent glioblastoma after a positive recommendation from the Data Safety Monitoring Board. The MAGIC-G1 study aims to evaluate MTX-110's safety with intermittent infusions via a refillable pump. The first patient received 60uM without adverse events and will escalate to 90uM. This dose aligns with ongoing studies for similar tumors. Understanding glioblastoma's poor prognosis underlines the urgency for effective treatments as standard care offers limited success.

Midatech Pharma PLC (AIM:MTPH.L, Nasdaq:MTP) announced the publication of a Circular related to a proposed acquisition of Bioasis Technologies, an equity raise of US$9.6 million, and a name change. A General Meeting is scheduled for January 23, 2023, where shareholder approval is required for the proposals. Failure to secure this approval may jeopardize the company's future operations and funding, reducing working capital to operate only until mid-March 2023. Shareholders are urged to vote in favor as the directors plan to back the proposals.