Full Press Release Details
Midatech will host a conference call and live Q&A session today (Wednesday
24 April 2019) at 1400 BST / 0900 EDT for analysts and investors to discuss the Full Year 2018 Results. Dr Craig Cook, Chief Executive
Officer, and Nick Robbins-Cherry, Chief Financial Officer, will lead the presentation.
The conference call dial-in details are: UK: +44 (0) 330 606 0182
US: +1 (712) 770-5561
The presentation will be available on Midatech's website shortly
before the call, and a recording will be available shortly afterwards.
"Company" or the "Group")
Audited financial results for the year ended 31 December
Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the R&D company focused on delivering
innovative oncology and rare disease products to patients, today announces its audited financial results for the twelve-month period
ended 31 December 2018.
Financial highlights
Operational highlights including post period end highlights
| 1) | Total gross revenue represents collaboration income from continuing operations plus grant revenue. |
| 2) | Statutory Revenue represents total gross revenue, excluding grant revenue. |
Commenting on the Full Year 2018 Results, Midatech's
Chief Executive Officer, Dr Craig Cook, said: "2018 was a year of strategic refocusing of the business, with Midatech
becoming a pure-play R&D company following the divestment of our US commercial operation in November, a major milestone for
"We believe the Company has entered a new chapter
in its growth as a streamlined R&D focused business with in-house manufacturing. We are now delivering on clinical milestones,
with strong clinical data, and a compelling pipeline for our proprietary drug delivery platforms, all of which are now into the
"We look forward to an exciting period ahead, creating
value for all stakeholders."
This announcement contains inside information for the purposes of Article
7 of Regulation (EU) 596/2014 (MAR).
For more information, please contact:
Tel: +44 (0)1235 888300
Panmure Gordon (UK) Limited
(Nominated Adviser and Broker)
Freddy Crossley, Emma Earl (Corporate
James Stearns (Corporate Broking)
Tel: +44 (0)20 7886 2500
IFC Advisory Limited (Financial
PR and UK Investor Relations)
Graham Herring / Tim Metcalfe
Tel: +44 (0)20 3709 5700
Westwicke Partners (US Investor Relations)
Tel: +1 339 970 2843
Email: chris.brinzey@westwicke.com
About Midatech Pharma PLC
Pharma (LSE AIM: MTPH; NASDAQ: MTP) is an R&D company focused on delivering innovative oncology and rare disease products to
patients. The Company is developing a range of improved chemo-therapeutics or new immuno-therapeutics, using its three-proprietary
platform drug delivery technologies, all of which are in the clinic, specifically:
of our three technologies are thus focussed on improved bio-delivery and bio-distribution of medicines or agents to areas of the
body where they are needed and can exert their actions in an effective, safe and precise manner.
headquarters and R&D facility is in Cardiff, UK, with a manufacturing operation in Bilbao, Spain. For more information please
visit www.midatechpharma.com
statements in this announcement may constitute "forward-looking statements" within the meaning of legislation in the
United Kingdom and/or United States. 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.
should be made to those documents that we shall file from time to time or announcements that may be made by the Company 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 the Company 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, we do not undertake
any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise
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CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
Rolf Stahel and Craig Cook reflect on a year of significant
strategic change for Midatech and discuss next steps for the Group as it enters a landmark phase.
Last year was a year of strategic refocusing of the business,
becoming a pure-play R&D company following the divestment of our US commercial operation in November, a major milestone for
the Group. Midatech is now focused solely on its R&D pipeline with all resources now directed towards progressing our programmes
to unlock their full potential and create valuable assets, by commercialising these ourselves or through license agreements with
To underpin this strategic refocus, two of our key programmes
entered the clinic in May 2018 - in carcinoid cancer/acromegaly, and in childhood brain cancer, The first of these in acromegaly
completed successfully in September 2018, while the second programme continues to progress on schedule.
More recently, negotiations that commenced in September
2018 and culminated post period in February 2019, the out-licence and 8m investment from leading Chinese speciality pharmaceutical
group, China Medical System ("CMS"), has brought a new cornerstone investor and licence partner to Midatech. Securing
a partner of the scale and reputation of CMS is a clear validation of the value of our pipeline, our technologies and know-how,
and gives us a financial runway for the further development of our current and prospective, future products. This transaction was
also a key component of a broader fundraise effort that commenced in November 2018 and concluded post period in February 2019,
that strengthened the financial position of the Company for the near term future.
We also sought to rationalise our cost base and simplify
our operations, closing our research facility in Abingdon and consolidating our gold nanoparticle research and development operations
into our Bilbao and Cardiff sites.
CMS investment and licence
The relationship with CMS marks a genuine turning point
for the Group. Despite Midatech's market capitalisation implying a value of less than 3 million at the time the agreement
was reached, CMS has invested 8 million for a 51% stake in the Group, which is a huge vote of confidence in our intellectual
property and capabilities.
CMS is looking to add valuable, earlier stage assets,
with a strong chance of commercialisation, to its portfolio, and, following extensive due diligence, they see great potential in
our products and technologies. Under the terms of the licence agreement, CMS has rights to develop and commercialise the Company's
pipeline of products, at its cost, in Greater China and certain countries in South East Asia. This includes promotion through its
network of around 4,000 sales staff in China alone. Subject to certain milestones being achieved, Midatech will receive regulatory
and sales based payments, as well as royalty payments.
In addition, CMS may identify further product opportunities
using Midatech's technologies beyond our current focus. Midatech would undertake the initial development on CMS' behalf,
funded by CMS. If such products obtain marketing approval, CMS will own the rights in the territories covered by the agreement