Currency in GBP
Last close As at 03/02/2023
▲ 0.20 (10.26%)
Midatech is a drug-delivery specialist focused on re-engineering therapeutics through its technology platforms (MidaSolve, local drug-delivery; Q-Sphera, sustained-release; MidaCore, targeted delivery) to improve biodistribution and delivery.
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.
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Midatech has announced that its shareholders have not approved the acquisition of Bioasis Technologies at the company’s annual general meeting (AGM), thereby ceasing all proposed transactions/events (including the US$9.6m private placement) contingent on the deal. This comes as a major setback for Midatech as it was counting on the deal to diversify operations and extend its cash runway into Q423. The shareholders’ decision puts Midatech in a tough situation as the company only has cash to last until mid-March 2023 and will urgently need to secure alternative sources of financing. Midatech has appointed Quantuma Advisory, a specialist business advisory firm, to undertake contingency planning. The shares were trading down over 25% by close of play yesterday.
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