23 April 2018

Midatech Pharma – Financial results 2017 & results conference call

 

Midatech Pharma (AIM: MTPH; NASDAQ: MTP), the international specialty pharmaceutical company focused on commercialising and developing products in oncology, immunology and other therapeutic areas, today announces its audited financial results for the twelve-month period ended 31 December 2017.

 

Financial highlights

  • Total gross revenues(1) for the year up 31% to £12.08m (2016: £9.21m), in line with expectations
  • Total revenue(2) for the year up 10% to £7.60m (2016: £6.92m)
  • Statutory revenue(3) for the year up 6% to £6.76m (2016: £6.38m)
  • US product net sales for the year up 28% to £6.65m (2016: £5.19m)
  • £13.20m cash and deposits at 31 December 2017 (2016: £17.61m), in line with market forecasts
  • Net loss after tax of £16.06m (2016: £20.16m) with net cash outflow in the year of £4.15m (2016: £0.97m inflow)
  • Tax credit receivable of £1.19m (2016: £1.44m)
  • Entered into a senior secured $15m loan agreement with MidCap Financial Trust in Q4 2017. $7m has been received, the remaining $8m is dependent on clinical development milestones

 

Operational highlights including post period end highlights

  • MTD201 Q-Octreotide for carcinoid cancer: regulatory submission in EU for first in-human clinical trial; approval received shortly after year-end, with data read-out expected H2 2018
  • MTX110 for DIPG childhood brain cancer: regulatory submission to the US Food and Drug Administration for first in-human clinical trial at University of California San Francisco and Memorial Sloane Kettering (New York); approval received shortly after year-end
  • MTD119 for HCC liver cancer: commenced IND enabling toxicology programme with data readout expected H2 2018; MTD119 was granted Orphan Drug Designation by the European Medicines Agency in February 2018
  • Manufacturing: licence granted to the Group’s Bilbao manufacturing operation by the Spanish Medicines Agency (AEMPS), enabling the production of our sustained release formulations for clinical and commercial use – a pivotal step on the road to commercialising MTD201 Q-Octreotide
  • US commercial business as a standalone operation achieved breakeven on an EBITDA basis for the second half of 2017

 

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 revenue represents Statutory Revenue (defined below) plus grant income

3)

Statutory Revenue represents total gross revenue, excluding grant revenue and after deductions for product returns, discounts, rebates and other incentives.

“2017 was a year of significant change and progress for Midatech. We have continued the development of our three lead oncology drug candidates and we now have exciting value inflection points coming up in 2018. Additionally we made good progress with our immunotherapy assets, which are now advancing toward potential clinical development. Our US commercial business recorded solid growth, achieving a breakeven EBITDA in the second half of the year. “As we announced earlier in the year, Midatech has an updated leadership team and we are fully focused on advancing our R&D pipeline into clinical development and beyond. With additional funding secured, we are well-resourced to drive towards our clinical objectives. We are enthused by the prospect of delivering transformative therapies to improve patients’ lives and progressing our R&D pipeline forward to address unmet needs in significant markets, driving future profitability and creating value for stakeholders.”

Dr Craig Cook

Midatech’s Chief Executive Officer-designate

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

 

 

– Ends –

 

For more information, please contact:

Midatech Pharma PLC

Dr Craig Cook, CEO-designate

Tel: +44 (0)1235 841575

www.midatechpharma.com

 

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

Corporate Finance

Freddy Crossley / Ryan McCarthy

Tel: +44 (0)20 7886 2500

 

Consilium Strategic Communications (Financial PR)

Mary Jane Elliott / Ivar Milligan / Nicholas Brown

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

 

Notes for Editors

About Midatech Pharma PLC

Midatech is an international specialty pharmaceutical company focused on the research and development of a pipeline of medicines for oncology and immunotherapy, and marketing these through its established US commercial operation which includes four cancer care supportive products and two further co-promoted products. Midatech's strategy is to internally develop oncology products, and to drive growth both organically and through strategic acquisitions. The Company's R&D activities are focused on three innovative platform technologies to deliver drugs at the "right time, right place": gold nanoparticles ("GNPs") to enable targeted delivery; Q-Sphera polymer microspheres to enable sustained release ("SR") delivery; and Nano Inclusion ("NI") to provide local delivery of therapeutics, initially to the brain. The Group, listed on AIM: MTPH and Nasdaq: MTP, employs c.100 staff in four countries. For further company information see: www.midatechpharma.com

 

Please click here for full results statement


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