28 September 2017

Interim results for the six months ended 30 June 2017

 

Midatech Pharma plc (AIM: MTPH), the international specialty pharmaceutical company focussed on commercialising and developing products in oncology, immunology and other therapeutic areas, announces its results for the six months ended 30 June 2017.

 

OPERATIONAL HIGHLIGHTS (including post period end)

 

  • Q-Octreotide (MTD201), for the treatment for carcinoid cancer and acromegaly, ready to commence its first-in-human bioequivalence study in H2 2017
  • MTX110, for the treatment of diffuse intrinsic pontine glioma (DIPG), is preparing to enter a first clinical trial in patients
  • MTR104, for the treatment of hepatocellular carcinoma (HCC), demonstrated a high degree of preference for HCC cancer cells over heathy tissue and very significant anti-tumour activity.  This programme is due to commence its first human study in 2018.
  • Positive progress with our early stage cancer immunotherapy programmes
  • Strong performance from Midatech’s US commercial business, Midatech Pharma US Inc.

 

FINANCIAL HIGHLIGHTS

 

  • Total gross revenues[1] increased by 42% to £5.39 million (H1 2016: £3.80 million)
  • Total net revenues[2] increased by 17% to £3.45million (H1 2016: £2.95 million)
  • Statutory revenue also grew strongly, by 16%, to £3.02 million (H1 2016: £2.60 million)
  • Research and development costs increased by 3% to £2.12 million (H1 2016: £2.05 million)
  • Distribution costs, sales and marketing decreased slightly to £4.11 million (H1 2016: £4.24 million)
  • Administrative expenses were broadly constant at £6.92 million (H1 2016: £6.82 million)
  • Net cash outflow used in operations (after changes in working capital) was £10.18 million, up 23% from £8.25 million in H1 2016. The cash balance at 30 June 2017 was £6.19 million
  • Loss per share was 19p compared to 25p in H1 2016
  • Placing announced on 28 September 2017 to raise up to £6 million in new equity with up to a further £2 million by way of an Open Offer to shareholders

 

“Across both our internal pipeline and commercial activities I am pleased to report a good first half to 2016. With our broad pipeline moving forward, we will continue to invest in R&D and Midatech’s future, led by Q-Octreotide. Our commercial arm in the US is providing increasing revenues, and the platform to launch our own products in the coming years. The Board believes that the Company’s R&D programme pipeline could add significant shareholder value to the Company and is evaluating a number of funding options to ensure that the Company has the resources to progress these programmes further. The Placing announced today to raise up to £6 million with up to a further £2 million by way of an Open Offer to shareholders, in addition to further funds raised by potentially negotiating a revised debt facility in due course, will be invested to progress Midatech’s three lead programmes, each of which has key value inflection points in 2017-2018.”

Commenting on the interim results

Dr. Jim Philips, CEO of Midatech Pharma

 

This announcement contains insider information for the purposes of Article 7 of Regulatory (EU) No596/2014.

 

- Ends -

 

For more information, please contact:

 

Midatech Pharma PLC

Jim Phillips, CEO

Tel: +44 (0)1235 888300

www.midatechpharma.com

 

Panmure Gordon (UK) Limited (Nominated Adviser and Broker)

Corporate Finance

Freddy Crossley / Duncan Monteith

Corporate Broking

Tom Salvesen

Tel: +44 (0)20 7886 2500

 

Consilium Strategic Communications (Financial PR)

Mary Jane Elliott / Ivar Milligan

Tel: +44 (0)20 3709 5700

Email: midatech@consilium-comms.com

 

Westwicke Partners (US Investor Relations)

Chris Brinzey

Tel: +1 339 970 2843

Email: chris.brinzey@westwicke.com

[1] Total gross revenues represents the full list price of products shipped to wholesalers and other customers before product returns, discounts, rebates and other incentives based on the sales price and grant revenue.

[2] Total net revenues represents statutory revenue plus grant revenue.

 

*** Please read the full release here***


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