Midatech Pharma

LN: MTPH

Market Cap£10m

Last Close 9.75p

Midatech is a drug-delivery specialist focused on re-engineering therapeutics through its technology platforms (MidaSolve, local drug-delivery; QSphera, sustained-release; MidaCore, targeted delivery) to improve their bioavailability and delivery.

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Investment summary

Midatech’s FY21 results continued to reflect financial prudence (following the March 2020 business realignment), with normalised operating loss improving to £7m (£10.7m in FY20) despite a much broader R&D pipeline. Clinical asset MTX110 (MidaSolve platform), already in Phase I for orphan DIPG and medulloblastoma brain cancers, is expected to commence a Phase I study in mid-2022 for recurrent glioblastoma, an opportunity more than 30 times the size of the other two combined. We believe visibility from the Q-Sphera pipeline will improve investor confidence. With the current cash balance (£10.1m at the end of FY21) only sufficient to fund operations to early 2023, we anticipate that potential partnerships and/or licensing deals will de-risk the near-term outlook.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 0.3 (9.5) (11.1) (22.92) N/A N/A
2021A 0.6 (6.6) (6.1) (6.78) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

The proprietary platforms develop products that address debilitating conditions with significant clinical needs. Applications are expected to be out-licensed for development following proof of concept.

Last updated on 19/05/2022
Content on Midatech Pharma
Midatech Pharma – Pipeline delivery key to future outlook
Healthcare | research Update | 25 May 2022
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Midatech Pharma: Edison Open House Healthcare 2022
Healthcare | Edison TV | 9 February 2022
Midatech Pharma – Q-Sphera partnership with Janssen expanded
Healthcare | research Flash note | 18 January 2022
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (27.8) (27.8) (64.6)
Relative* (26.8) (29.7) (65.5)
52-week high/low 38.0p/9.8p
*% relative to local index
Key management
Stephen Stamp CEO and CFO