February 2020 Midatech Pharma PLC ("Midatech" or the "Company") Midatech Pharma announces posting of Circular convening a General Meeting Share Consolidation and ADR Ratio Change Midatech Pharma PLC (AIM: MTPH.L; Nasdaq:

("Midatech" or the "Company")

Midatech Pharma announces posting of

Circular convening a General Meeting

Share Consolidation and

Midatech Pharma PLC (AIM: MTPH.L; Nasdaq:

MTP), an R&D biotechnology company focused on delivering innovative oncology and rare disease products to patients, announces

that it will today publish a circular to shareholders ("Circular") containing a notice convening a general meeting

for shareholders of the Company ("General Meeting") for the purposes of seeking approval to the resolutions

(the "Resolutions").

The General Meeting will be held at 2.30pm

on Monday 2 March 2020 at the offices of Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ. To be valid, votes should be

submitted to Neville Registrars, Neville House, Steelpark Road, Halesowen, West Midlands B62 8HD as early as possible and no later

than 2.30pm on 27 February 2020.

CMS Medical Venture Investment (HK) Limited

and A&B (HK) Company Limited, who own in aggregate approximately 44% of the Company's issued share capital have irrevocably

undertaken to vote in favour of all resolutions to be proposed at the General Meeting.

Following its publication, the Circular

containing further details of and background to the Resolutions will be available on the Company's website at www.midatechpharma.com.

also proposing, assuming the Resolution to consolidate the Company's Existing Ordinary Shares is approved at the General

Meeting, to change the ratio of its American Depositary Receipts ("ADR") from one (1) ADR representing twenty (20) ordinary

shares, to the new ratio of one (1) ADR representing five (5) ordinary shares (the "Ratio Change"). The Ratio

Change is aimed to bring the price of the Company's ADRs into compliance with the NASDAQ $1.00 minimum bid price per share

requirement, though the Company can give no assurance that the Ratio Change will be effective in achieving this goal.

date of the Ratio Change is expected to be 3 March 2020. ADR holders will be required on a mandatory basis to surrender their ADRs

for cancellation and exchange to receive (1) new ADR (New CUSIP: 59564R302) for every five (5) old ADRs (Old CUSIP: 59564R203).

No fractional ADRs will be allocated. The aggregate fractions, if any, will be sold and the net proceeds will be distributed to

the entitled DR holder. The Company's Depositary, Deutsche Bank Trust Company Americas, will contact DR holders and arrange

for the exchange of their existing ADRs for new ADRs. For ADR holders, the Ratio Change will have the same effect as a one-for-five

Commenting Craig Cook, CEO of Midatech,

said: "We continue to examine all options for financing our lead R&D programmes and manufacturing scale-up. These

Resolutions are designed to provide flexibility to enable an equity fundraise in the USA."

An extract from the Circular as to the

background to and reasons for the Resolutions, Share Consolidation and Ratio Change are included at the end of this announcement.

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

For more information, please contact:

Midatech Pharma PLC (dual listed on LSE

AIM: MTPH; and NASDAQ: MTP) is an R&D company focused on Making Medicines Better' by improving delivery of drugs

in the body. The Company combines existing medications with its proprietary and innovative drug delivery technologies to provide

compelling oncology and rare disease products that have the potential to powerfully impact the lives of patients undergoing treatment

for life threatening diseases.

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:

By improving biodelivery and biodistribution

of approved existing molecules, Midatech's unique R&D has the potential to make medicines better, lower technical risks,

accelerate regulatory approval and route to market, and provide newly patentable products. The platform nature of the technologies

allows the potential to develop multiple drug assets rather than being reliant on a limited number of programmes.

Midatech's headquarters and R&D facility

is in Cardiff, UK, and manufacturing operation in Bilbao, Spain. For more information please visit www.midatechpharma.com

Extract from the Circular: Background

to and reasons for the Proposals

The Company has achieved a number of important

milestones in 2019 and early 2020 including:

The Company's priority is to progress

its two lead development programmes, MTD201 and MTX110 through the clinical phase of development and on to new drug application

submissions. The Company expects to report the results of a safety and tolerability study of MTX110 later this year.

The Company is working on plans for a pivotal

clinical trial of MTD201 in acromegaly patients which subject to regulatory approval, is expected to begin recruiting in second

half of 2020. In addition, assuming the results of the ongoing study of MTX110 are positive, the Company plans to roll that study

into a Phase II safety and efficacy study later this year. In addition, the Company is evaluating further exploratory activities

as part of future MTX110 development.

The Company's plans for scale-up of MTD201

manufacturing are progressing and include the lease of a dedicated facility for manufacture of bulk product in Bilbao. The Company

has identified a contract manufacturing organisation for fill and finish of MTD201.

1 Exchange rate as at 11 February

2020 of 1.186 to 1.00.

Including the net proceeds of the recent

Registered Direct Offering in the US, the Board believes the Company has sufficient working capital until the fourth quarter of

2020, assuming clinical programmes as described above and manufacturing scale-up remain on-track.

In line with our business model of developing

assets and seeking partners at key inflexion points, the executive management continue their efforts to license MTD201 to a partner

who could underwrite development costs and ultimately, market the product. Discussions with potential partners have progressed

but such transactions cannot be guaranteed and, as of today, no licenses have been signed and your Board believes it imprudent

to rely on milestones and reimbursed expenses from potential licensees when estimating working capital requirements.

Accordingly, your Board continues to examine

ways of efficient and effective ways of raising capital for the Company so the Company can deliver its MTD201 and MTX110 programmes

without continued risk relating to the near term funding of the business and create value for all our stakeholders.

The Resolutions, Share Consolidation and

Ratio Change are designed to facilitate the raising of additional capital with as much flexibility as possible.

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, statements regarding

any potential fundraise or our ability to regain compliance with NASDAQ's minimum bid share price requirement. Any forward-looking

statements are based on currently available competitive, financial and economic data together with management's views and assumptions

regarding future events and business performance as of the time the statements are made and are subject to risks and uncertainties.

We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from

any future results, performance or achievements expressed or implied by such forward-looking statements.

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