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 interim results for the six months ended 30 June 2016.
· Successful integration and good sales performance from newly acquired US commercial business, Midatech Pharma US Inc. (formerly DARA BioSciences, Inc.)
· US launch of anti-nausea product Zuplenz® in April 2016, with encouraging early uptake helping drive the increasing revenues
· Gelclair® continues to consolidate its brand and market leadership in the US for oral mucositis
· Positive progress has continued for lead Q-Octreotide product for the treatment of Acromegaly and Carcinoid Syndrome. Plans for human bio-equivalence studies in H1 2017 are on track, which, in the case of positive results, could lead to the potential filing for first marketing authorisations by end 2017/beginning of 2018
· Investment for scale up of manufacturing for the launch of Q-Octreotide and collaboration with Ophthotech has commenced and is on time and budget
· Product candidate testing and selection in vivo for glioblastoma and hepatocellular carcinoma on track for completion by the end of 2016
· Dosing due to commence in Q3 2016 in first immunotherapy (MTX102) Phase I study using Midatech’s gold nanoparticle (“GNP”) technology in type 1 diabetes
· Further positive progress seen in the period in the Company’s OpsiSporin and MTX110/111 (DIPG) programmes
· Total revenue grew from £0.32 million in H1 2015 to £3.80 million (up 1,088%)
· Research and development costs of £2.05 million, a 13% increase from £1.82 million in H1 2015
· Administrative expenses increased from £3.77 million in H1 2015 to £6.82 million (up 81%), primarily due to the Company’s enlarged commercial infrastructure from the acquisition of Midatech Pharma US
· Net cash outflow used in operations (after changes in working capital) was £8.25 million, up 55% from £5.31 million in H1 2015. The cash balance at 30 June 2016 was £7.23 million
· Loss per share increased by 39% to 25p (H1 2015: 18p)
Commenting on the interim results Dr. Jim Philips, CEO of Midatech Pharma, said: “Midatech has made good performance in the first half of 2016 and our commercial business is well placed to deliver continued revenue growth in the second half of 2016. We continue to carefully invest in our platform technologies and candidate pipeline and the remainder of 2016 with 2017 are set to deliver results from a variety of our exciting R&D programmes. Notwithstanding the challenging recent market conditions globally, we continue to look at opportunities to build value for shareholders and look to the future with optimism.”
Dr. Jim Phillips, Chief Executive Officer and Nick Robbins-Cherry, Finance Director, will host a conference call for analysts at 14.00 BST today.
UK: +44 1452 555 566
USA: +1 866 966 9439
Conference ID: 63728744
A replay of the call will be available for 30 days after the event, and can be accessed through the numbers below.
UK: +44 1452 550 000
USA: +1 866 247 4222
Conference ID: 63728744
The results presentation will be made available on the Investors section of the Midatech website shortly before the call.Editor's Details
Last updated on: 02/09/2016
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