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Midatech Pharma outlines plans for drug candidate as it updates on funding position

The company provided a stark assessment of its finances
Midatech Pharma outlines plans for drug candidate as it updates on funding position
The Midatech drug is easier to inject than the current standard of care

Midatech Pharma Plc (LON:MTPH, NASDAQ:MTP) outlined plans for its lead drug candidate as it updated on its funding position by stating it currently had “very limited cash”.

The former first: The company said that, after consultation with the US Food & Drug Administration, it was considering two scenarios for MTD201 Q-Octreotide, which is being developed to treat rare and debilitating tumour types.

READ: Midatech secures €1.5mln loan from Basque government on friendly terms

Midatech has to decide whether to conduct a multi-dose study in healthy volunteers, or to treat patients with the diseases.

An exploratory study last year showed MTD201, which uses a sustained release technology, to have a “number of competitive advantages" over the current standard of care, Novartis' Sandostatin LAR.

The Midatech drug, which is based on the company’s patented Q-Sphera platform, requires a smaller needed needle, is simpler and easier to inject as well as being cheaper than the Novaris treatment.

The life sciences group said it is currently planning to make a marketing authorisation submissions in 2021 and expects to have the required clinical data by then.

In the same announcement, Midatech said it was looking to conclude talks with an unnamed strategic investor as it has “very limited cash to enable it to continue as a going concern”.

“There is no guarantee that the company will be able to conclude these funding discussions on terms or quantum similar to those outlined in the update announcement or at all,” investors were told.

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