December 2021 Midatech Pharma PLC ("Midatech" or the "Company") Investigational New Drug Application for Study of MTX110 in Recurrent Glioblastoma (GBM) Becomes Effective Midatech Pharma PLC (AIM: MTPH; Nasdaq: MTP), a d

("Midatech" or the "Company")

Investigational New Drug Application for Study

in Recurrent Glioblastoma (GBM) Becomes Effective

Midatech Pharma PLC (AIM: MTPH; Nasdaq:

MTP), a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines, is pleased to announce

that its Investigational New Drug (IND) application for a Phase 1 study of MTX110,

a panobinostat complex to be administered by convection enhanced delivery in patients with recurrent glioblastoma multiforme (rGBM), has

been cleared by the US FDA. The 30-day review period has expired and the IND has been judged safe to proceed. Accordingly, Midatech has

initiated preparations for a study start in the first half of 2022.

Employing the Company's

MidaSolve technology, MTX110 solubilises panobinostat, a histone deacetylase (HDAC) inhibitor currently used in the treatment of

multiple myeloma. In a liquid formulation as MTX110, panobinostat can be delivered directly to a patient's tumour under constant pressure

via a catheter system (Convection Enhanced Delivery, or "CED") thereby bypassing the blood-brain barrier and allowing for high

drug concentrations and broader drug distribution in and around the tumour while simultaneously minimising systemic toxicity and other

side effects. Panobinostat has demonstrated high potency against patient-derived tumour cells in in vitro and in vivo models.

GBM is the most common

and aggressive form of brain cancer in adults, usually occurring in the white matter of the cerebrum. Treatments include radiation, surgical

resection and chemotherapy although, in almost all cases, tumours recur. There are approximately 2-3/100,000(1) diagnoses of

GBM per annum. Survival with standard of care treatment ranges from approximately 13 months in unmethylated MGMT patients to approximately

30 months in highly methylated MGMT patients(2). Glioblastoma is an intractable brain cancer.

The primary objective

of the Phase I study will be to assess the safety and tolerability of MTX110 in patients with rGBM. The study is expected to include two

clinical centres in the US and to begin recruiting H1 2022.

Dmitry Zamoryakhin, Chief Scientific Officer

"Our solubilising technology in combination

with a CED system offers the potential to deliver significantly higher doses of panobinostat, a potent HDAC inhibitor, directly to the

tumour. Importantly, this targeting approach is designed to limit systemic circulation of drug and therefore toxicity. This signal finding

Phase I study could point the way to a new treatment paradigm for this intractable brain cancer."

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

For more information,

About Midatech Pharma

Midatech Pharma PLC (dual listed on LSE AIM: MTPH;

and NASDAQ: MTP) is a drug delivery technology company focused on improving the bio-delivery and bio-distribution of medicines. The

Company combines approved and development medications with its proprietary and innovative drug delivery technologies to provide compelling

products that have the potential to powerfully impact the lives of patients.

The Company has developed three in-house technology

platforms, each with its own unique mechanism to improve delivery of medications to sites of disease. All of the Company's technologies

have successfully entered human use in the clinic, providing important validation of the potential for each platform:

The platform nature of the technologies offers

the potential to develop multiple drug assets rather than being reliant on a limited number of programmes. Midatech's technologies

are supported by 36 patent families including 120 granted patents and an additional 70 patent applications. Midatech's headquarters and

R&D facility is in Cardiff, UK. For more information please visit www.midatechpharma.com

Forward-Looking Statements

Certain statements in

this press release may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom and/or

United States Private Securities Litigation Reform Act. All statements contained in this press release that do not relate to matters of

historical fact should be considered forward-looking statements, including, but not limited to, , any payments that may be received, the

success of the research collaboration in developing novel products, the strategic review and formal sale process.

Reference should be made

to those documents that Midatech shall file from time to time or announcements that may be made by Midatech in accordance with the London

Stock Exchange AIM Rules for Companies ("AIM Rules"), the Disclosure and Transparency Rules ("DTRs") and the rules

and regulations promulgated by the US Securities and Exchange Commission, which contains and identifies other important factors that could

cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking

statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or concerning

Midatech are expressly qualified in their entirety by the cautionary statements above. Except as may be required under the AIM Rules or

the DTRs or by relevant law in the United Kingdom or the United States, Midatech does not undertake any obligation to publicly update

or revise any forward-looking statements because of new information, future events or otherwise arising.