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