Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Midatech Pharma secures US$15mln debt facility

The funding has come via MidCap Financial, a middle market finance house
microscope
The funds will be used to fund development of two promising cancer drug candidates

Midatech Pharma Plc (LON:MTPH, NASDAQMTP) has secured a US$15mln, four-year senior loan facility that will be used to bankroll the clinical development of two promising cancer drug candidates.

The funding has come via MidCap Financial, a middle market finance house, and Midtech has drawn down an initial US$7mln of the facility.

Access to the remainder of the cash will be dependent on MTD201 and MTX110 hitting certain milestones.

Clinical development of two key products

The former, also known as Q-Octreotide, is a long-acting treatment for a hormone disorder acromegaly and metastatic carcinoid tumours, while the latter is being developed to treat a type of brain tumour called diffuse intrinsic pontine glioma.

"This agreement allows us to continue the clinical development of key products,” said chief executive, Dr Jim Phillips.

“With the extensive due diligence that was required, it also indicates significant support in Midatech's future.

READ: Midatech starts Phase IV trial to test Gelclair oral mucositis gel in stem cell transplant patients

“With our lead programmes heading towards potentially significant, value-driving inflection points in 2018, and the continued progress of our R&D pipeline and US commercial activities, this is an exciting time for the business."

View full MTPH profile View Profile

Midatech Pharma Plc Timeline

Related Articles

1514990464_biotech_517925923.jpg
January 03 2018
Investors have been cheered by the method used to raise fresh investment, which avoids the need to issue more shares for cash
lab
March 15 2018
Amryt's lead drug candidate, AP101, is a potential treatment for epidermolysis bullosa, a rare genetic skin disorder for which there is currently no approved treatment
picture of cannabis plants
March 23 2018
Control of the supply chain offers operational advantages and financial benefits.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use