Midatech Pharma PLC Announces Results for the Year Ended 31 December 2021
Midatech Pharma (AIM:MTPH.L)(NASDAQ:MTP) reported its audited preliminary results for the year ending December 31, 2021, showcasing a net loss of £5.46 million, a reduction from £22.19 million the previous year. Gross revenue increased to £0.58 million from £0.34 million in 2020, driven by an uptick in customer revenue. The company successfully advanced drug delivery technologies, partnering with Janssen on multiple drug formulations, including a long-acting injectable. As of December 31, 2021, cash reserves totaled £10.06 million.
- Gross revenue increased to £0.58 million, up from £0.34 million in 2020.
- Successful reduction in net loss from £22.19 million to £5.46 million.
- Cash and deposits rose to £10.06 million from £7.55 million in 2020.
- Initiated promising collaborations with Janssen to advance drug delivery technologies.
- None.
ABINGDON, OXFORDSHIRE / ACCESSWIRE / April 26, 2022 / Pharma PLC (AIM:MTPH.L)(NASDAQ:MTP), a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines, announces its audited preliminary results for the year ended 31 December 2021.
2021 HIGHLIGHTS
Operational
· In June 2021, in an R&D update we announced:
o Breakthrough data on the successful encapsulation of a biologic using Q-Sphera technology. We believe no other commercial or academic organisation has been able to successfully deliver therapeutic proteins over extended periods using methods capable of commercial scale up.
o Delivery of proof of concept formulations of MTX214 and MTX216 to our collaboration partner Janssen for them to undertake in vivo studies.
o Successful development of a long-acting formulation of MTD211 (Q-brexpiprazole) which, in in vivo studies, demonstrated that a single injectable dose could deliver therapeutic blood levels of brexpiprazole over a period of three months.
· In July 2021, we closed a Placing of 35.1m new ordinary shares with investors in the UK to raise gross proceeds of £10m (£9m net of expenses).
· In August 2021, we announced that the Company had moved its headquarters, including offices and custom built laboratories to new facilities at Caspian Point in Cardiff. The new premises were officially opened by Vaughn Gething MS, Welsh Government Minister for the Economy.
· In December 2021, we announced the successful completion of the 30-day FDA review period of our Investigational New Drug Application for a planned Phase I study of MTX110 in recurrent Glioblastoma Multiforme.
Post period end
· In January 2022, we announced an extension of our R&D collaboration with Janssen. Under the extended collaboration we will focus on maximizing drug loading and optimizing in vitro duration of release for Janssen's undisclosed experimental molecule using our Q-Sphera technology.
· In February 2022, we announced Janssen had added a second molecule to the collaboration with the same objectives of maximizing drug loading and optimizing in vitro duration of release.
Financial
· Total gross revenue(1) for the year of £0.58m (2020: £0.34m).
· Customer revenue(2) for 2021 of £0.58m (2020: £0.18m).
· UK Placing in July 2021 raised £9.0m, net of expenses.
· Cash and deposits at 31 December 2021 of £10.06m (2020: £7.55m).
· Net loss from continuing operations of £5.46m (2020: £22.19m loss).
· Net cash inflow in the year of £2.52m (2020: £3.64m outflow).
· Tax credit receivable of £0.67m (2020: £1.16m).
1. Total gross revenue represents collaboration income from continuing operations plus grant revenue. | |
2. Customer revenue represents total gross revenue, excluding grant revenue. |
For more information, please contact:
Midatech Pharma PLC |
Stephen Stamp, CEO, CFO |
Tel: +44 (0)29 2048 0180 |
Strand Hanson Limited (Nominated and Financial Adviser) |
James Dance / Matthew Chandler / Rob Patrick |
Tel: +44 (0)20 7409 3494 |
Turner Pope Investments (TPI) Limited (Broker) |
| Andrew Thacker / James Pope (Corporate Broking) |
Tel: +44(0)20 3657 0050 |
IFC Advisory Limited (Financial PR and UK Investor Relations) |
Tim Metcalfe / Graham Herring |
Tel: +44 (0)20 3934 6630 |
Edison Group (US Investor Relations) Alyssa Factor Tel: +1 (860) 573 9637 Email: afactor@edisongroup.com |
About Midatech Pharma PLC Midatech Pharma PLC (dual listed on LSE AIM: MTPH; and NASDAQ: MTP) is a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines. The Company combines approved and development medications with its proprietary and innovative drug delivery technologies to provide compelling products that have the potential to powerfully impact the lives of patients. The Company has developed three in-house technology platforms, each with its own unique mechanism to improve delivery of medications to sites of disease. All of the Company's technologies have successfully entered human use in the clinic, providing important validation of the potential for each platform: Q-Sphera™ platform: a disruptive micro-technology used for sustained release to prolong and control the release of therapeutics over an extended period of time (from weeks to months). MidaSolve™ platform: an innovative nanotechnology used to dissolve insoluble drugs so that they can be administered in liquid form directly and locally into tumours. MidaCore™ platform: a leading-edge nanotechnology used for targeting medications to sites of disease. The platform nature of the technologies offers the potential to develop multiple drug assets rather than being reliant on a limited number of programmes. Midatech's technologies are supported by 36 patent families including 120 granted patents and an additional 70 patent applications. Midatech's headquarters and R&D facility is in Cardiff, UK. For more information please visit www.midatechpharma.com Forward-Looking Statements Certain statements in this announcement may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom and/or United States Private Securities Litigation Reform Act. All statements contained in this announcement that do not relate to matters of historical fact should be considered forward-looking statements. Reference should be made to those documents that Midatech shall file from time to time or announcements that may be made by Midatech in accordance with the London Stock Exchange AIM Rules for Companies ("AIM Rules"), the Disclosure and Transparency Rules ("DTRs") and the rules and regulations promulgated by the US Securities and Exchange Commission, which contains and identifies other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or concerning Midatech are expressly qualified in their entirety by the cautionary statements above. Except as may be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, Midatech does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise arising. |
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SOURCE: Midatech Pharma PLC
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