Midatech Pharma PLC: Preliminary results for the year ending 31 December 2014

- Transformational year including IPO, acquisition of Q Chip, collaboration agreement and EU manufacturing grant

ABINGDON, England--()--Midatech Pharma plc (AIM: MTPH) (“Midatech”, the “Company” or the “Group”), the international specialty pharmaceutical company with a diversified portfolio of high-value assets, today announces its maiden audited preliminary results for the twelve month period ended 31 December 2014.

“2014 was a transformational year for Midatech Pharma. Our goal is to build Midatech into a world-leading international specialty pharmaceutical company with a diversified portfolio of high-value assets and we are well on our path to achieving this.”

Operational Highlights (including post-period end)

  • Awarded a €7.9m Horizon 2020 European Union grant (€3.4m direct to the Group) to fund manufacturing scale-up – September 2014
  • Acquisition of Q Chip Limited (“Q Chip”) bringing complementary technology and products, enabling sustained release over extended periods of time – December 2014
  • Positive results achieved in proof-of-concept OpsiSporin study with sustained release treatment for uveitis (ocular inflammation) – February 2015
  • Research collaboration agreement signed with unnamed global pharmaceutical company in field of diabetes – March 2015
  • Appointment of Nick Robbins-Cherry, Finance Director in February 2014 and Dr Craig Cook, Chief Operating Officer in January 2014
  • Research collaboration agreement signed with Dana-Farber Cancer Institute – April 2015

Financial Highlights

  • Oversubscribed flotation on the AIM market of the London Stock Exchange in December 2014 raising £32.0m (before expenses)
  • Combined proforma revenue ahead of expectations at £0.73m
  • Strong balance sheet with £30.33m cash and deposits at 31 December 2014 (2013: £2.39m)
  • Net loss after tax of £7.38m (2013: £4.08m) with net cash inflow in the year of £27.94m (2013: £2.25m)
  • Tax credit receivable of £0.84m (2013: £0.80m)

Commenting on the maiden preliminary results, Dr Jim Philips, CEO of Midatech, said: "2014 was a transformational year for Midatech Pharma. Our goal is to build Midatech into a world-leading international specialty pharmaceutical company with a diversified portfolio of high-value assets and we are well on our path to achieving this.

“Our growth strategy is based on the maturation of our technology platforms, a clear focus on the key therapeutic areas within our pipeline and on the delivery of strategic later stage product focussed acquisitions.

“I would like to thank all of our staff and investors for their support and I look forward to leading Midatech through the next stages of its corporate development.”

Conference call today

A replay of the call will be available for 30 days post the event, using the same conference ID: 11890120.

UK: +44 1452 550 000

USA: +1 866 247 4222

About Midatech Pharma PLC

Midatech is a nanomedicine company developing and commercialising multiple therapeutic products to enhance the delivery of medicines in major diseases with high unmet medical needs. The Group has a strong pipeline of product candidates in clinical and pre-clinical development with a clear focus on the key therapeutic areas of diabetes, cancer and neurological/ophthalmological diseases.

Right place. Right time. Central to Midatech’s business are two platform technologies that are designed to enable the targeted delivery and controlled release of existing drugs. Midatech’s core platform is a pioneering drug conjugate delivery system based on gold-nanoparticles (“GNPs”) combined with existing drugs for targeted release at specific organs, cells or sites of disease. The Group’s secondary platform (acquired through the acquisition of Q Chip in 2014) involves the consistent and precise encapsulation of active drug compounds within polymer microspheres that are designed to release the drug into the body in a highly controlled manner over a prolonged period of time.

The Group has collaborations with a number of speciality and major pharmaceutical companies and academic institutions to develop its platform technologies across a broad range of programmes within Midatech’s priority therapeutic areas. The business strategy is to expedite the pipeline developments into revenue opportunities.

Midatech operates an in-house state-of-the-art nanoparticle manufacturing facility, based in Bilbao, Spain. The site has capacity for manufacturing sufficient materials for clinical trials and is fully licensed by the Spanish Medicines Agency for European compliance.

The Group is headquartered in Oxford, UK and employs 49 staff including 14 in Oxford, UK, 17 in Cardiff, UK and 18 in Bilbao, Spain. Across the Group there are 32 qualified scientists. For further company information, please see: www.midatechpharma.com.

Contacts

For more information, please contact:
Midatech Pharma plc
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
or
Consilium Strategic Communications
Mary Jane Elliott / Ivar Milligan / Matthew Neal / Hendrik Thys
Tel: +44 (0)20 3709 5700
midatech@consilium-comms.com
or
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7886 2500
Corporate Finance
Freddy Crossley / Adam James / Atholl Tweedie / Duncan Monteith
Broking
Tom Salvesen

Release Summary

Please attach the pdf doc with the Word file that has been attached. Many thanks, Liza

Midatech Pharma PLC