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Midatech Pharma PLC

Midatech surges as it receives €6.6mln loan from Spanish government

The oncology and rare disease specialist said the funds would be used to support its manufacturing facility in Bilbao

Midatech Pharma PLC - Midatech surges as it receives €6.6mln loan from Spanish government
The loan will fund activities to scale up manufacturing of Midatech's MTD201 cancer treatment

Midatech Pharma PLC (LON:MTPH) shares surged on Wednesday after the biotech firm received a €6.6mln loan from the Spanish government.

The oncology and rare disease specialist will use the funds to support its manufacturing facility in Bilbao, bringing the total public financing for the project up to €8.5mln.

READ: Midatech hires former Shire finance director Stephen Stamp as CFO

More specifically, Midatech said the loan will fund activities to scale up the manufacturing capability of its MTD201 product, a treatment for carcinoid cancer and other acromegaly and neuroendocrine (NET) tumours.

In lunchtime trading, the shares were 26.2% higher at 6.6p.

Quick facts: Midatech Pharma PLC

Price: £0.05

Market: AIM
Market Cap: £22.01 m
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