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Research: Healthcare
Midatech has announced that following the completion of one month of treatment for the first patient enrolled in the MAGIC-G1 study (at a dose of 60uM), the Data Safety Monitoring Board (DSMB) has recommended dose escalation to 90uM (expected to be the target therapeutic dose for MTX110). MAGIC-G1 is an open-label, Phase I study designed to evaluate the feasibility and safety of MTX110 in recurrent glioblastoma (rGBM) using a convection-enhanced delivery (CED) system. However, we note that continued progression of this study will be contingent on the successful conclusion of the announced Bioasis deal and US$9.6m fund-raising, both of which require shareholder authorisation. Approval and completion of these is critical path for Midatech. The company states that it has a cash balance of £2.6m (as of 5 January 2023), which is only sufficient to fund operations to mid-March 2023.
Midatech Pharma |
Planned dose-escalation commences in rGBM study |
Clinical development update |
Pharma and biotech |
13 January 2023 |
Share price performance Business description
Analysts
Midatech Pharma is a research client of Edison Investment Research Limited |
Midatech has announced that following the completion of one month of treatment for the first patient enrolled in the MAGIC-G1 study (at a dose of 60uM), the Data Safety Monitoring Board (DSMB) has recommended dose escalation to 90uM (expected to be the target therapeutic dose for MTX110). MAGIC-G1 is an open-label, Phase I study designed to evaluate the feasibility and safety of MTX110 in recurrent glioblastoma (rGBM) using a convection-enhanced delivery (CED) system. However, we note that continued progression of this study will be contingent on the successful conclusion of the announced Bioasis deal and US$9.6m fund-raising, both of which require shareholder authorisation. Approval and completion of these is critical path for Midatech. The company states that it has a cash balance of £2.6m (as of 5 January 2023), which is only sufficient to fund operations to mid-March 2023.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/18 |
1.94 |
(11.8) |
(339.0) |
0.0 |
N/A |
N/A |
12/19 |
0.67 |
(10.9) |
(50.0) |
0.0 |
N/A |
N/A |
12/20 |
0.34 |
(11.1) |
(22.9) |
0.0 |
N/A |
N/A |
12/21 |
0.58 |
(6.1) |
(6.8) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised.
The Phase I MAGIC-G1 study plans to recruit patients across two cohorts (minimum of four patients each), with one cohort receiving MTX110 as monotherapy and the other receiving it in combination with lomustine (a cytotoxic chemotherapy drug approved for patients with rGBM). The primary objectives will be to assess the feasibility and safety of intermittent infusions of MTX110 delivered through an implantable CED system, although the study will likely also track preliminary efficacy signals. The study will utilise the same single-catheter CED system used in the first Phase I study in diffuse intrinsic pontine glioma (DIPG), which had reported encouraging headline data in October 2020.
The first patient on the MAGIC-G1 study was enrolled in November 2022 and administered 60uM of MTX110 (four 48-hour infusions over four weeks). No treatment-associated adverse events were noted during this period, which resulted in the DSMB recommending dose expansion to 90uM. Midatech expects this to be the optimal dose of MTX110 and it is the one being used in the ongoing Phase I study in DIPG at Columbia University, US. The second patient is expected to be enrolled by end-January 2023 and will be administered a dose of 90uM, while the first patient will remain on treatment as per protocol. Management has indicated that depending on the safety signals from the higher dose, the study will need to recruit at least three more patients before progressing to the next cohort.
As a reminder, Midatech recently proposed an all-stock acquisition of Bioasis Technologies (deal value of c C$7.4m at the time of announcement) and planned a US$9.6m equity raise, subject to regulatory and shareholder approval. Management estimates that the current cash balance (c £2.6m at 5 January) will provide an operational cash runway until mid-March 2023, which could extend to the beginning of Q423 if the fund-raise and acquisition are concluded successfully.
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Research: Consumer
Agrana’s strong Q3, with its ability to push through cost increases, led to a good set of results for the first nine months of FY23 (9M23). Revenue was €2.743bn for 9M23, up 26% versus the prior year. Operating profit before exceptional items jumped to €121.6m, +77% versus a year ago. EBIT was €50.2m, down 33.9% vs 9M22, mostly due to an impairment charge in Q2. The outlook for 2022/23 is reaffirmed, with revenues expected to grow ‘significantly’ (ie 10–50%), group EBIT expected to grow ‘very significantly’ (ie over 50%) and operating profit before exceptional items and results of equity-accounted joint ventures expected to grow ‘significantly’.
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