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Midatech reveals expected size of cash hit from termination of MTD201 programme

The estimated cash outflow from the termination of the programme and the closure of the Bilbao operations has been put at £4.6mln

Midatech Pharma PLC -
The company expects to take non-cash impairments of £12.3mln

Midatech Pharma PLC (LON:MTPH) has announced the financial impact of the termination of its MTD201 drug development programme and the closure of its Bilbao operations.

The company, which instigated a strategic review of its business earlier this year, decided to terminate studies on MTD201 due to lack of funds.

READ Midatech Pharma implements strategic review of its operations in the face of the coronavirus pandemic; CEO steps down

The estimated cash outflow from the termination of the programme and the closure of the Bilbao operations has been put at £4.6mln. The company expects to take non-cash impairments of £12.3mln.

In a statement, the group noted that its cash and cash equivalents at the end of 2019 stood at £10.9mln, up from £2.3mln at the end of 2018.

The up-for-sale drug delivery technology company has yet to publish its 20198 results owing to delays caused by the coronavirus pandemic but revealed that revenue, including £400,000 or so of grant revenue (down from £1.8mln in 2018), fell to around £700,000 from £1.9mln in 2019.

The loss from continuing operations narrowed to £9.1mln from £10.4mln the previous year.

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