Fundraising At Midatech Pharma
Midatech Pharma, a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines, has raised £5m by way of a placing to investors in the UK.
The proceeds, net of fees and expenses, are expected to be approximately £4.6m and will be used to advance Cardiff-based Midatech’s internal pipeline of Q-Sphera products through proof-of-concept and in vivo studies for potential out-licensing and develop the technology for unique application with biologic active pharmaceutical ingredients.
Further funds will be used for general corporate purposes.
Midatech has also granted an option to Turner Pope under the placing agreement in order to enable the bookrunner to deal with additional demand under the UK placing.
Stephen Stamp, Midatech chief executive and CFO, said: “I am delighted with the progress we have made since we switched our Q-Sphera strategy to a balanced internal pipeline and partner collaboration model.
“In only a few weeks we have both formulated internal candidates and demonstrated their in vitro dissolution; our next step is to confirm these results in vivo.
“We have also signed R&D collaborations with two prestigious partners to explore the feasibility of applying our technology to their proprietary molecules.
“If successful, we plan to enter into licence and technology transfer agreements with our partners. The proceeds of the UK placing and broker option will allow us to take our internal pipeline through proof-of-concept and develop the Q-Sphera technology for unique applications with biologic active pharmaceutical ingredients.”