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Drug firm Midatech Pharma prelims chart a year of significant progress
Speciality drug group Midatech Pharma Plc’s (LON:MTPH; NASDAQ: MTP) prelims chart a year of operational and financial progress – and a full year contribution from DARA Biosciences, bought in December 2015.
The transformation of the business was reflected by top line growth of 510%, with gross revenues coming in at £9.21mln for the 12 months to December 31.
The net loss was £20.16mln, which included an £11mln impairment charge. More importantly, Midatech is financially sound with £17.61mln in the bank at the period-end – in line with forecasts.
WATCH: MidaTech “consistently delivering on sales targets”, says boss …
It raised a gross £16.67mln via a share sale last autumn.
Making headway
Operationally, Midatech made significant headway, launching anti-nausea product Zuplenz in the US; it is also in the final development and commercialisation phase with Q-Octreotide, which tackles to over-production a growth hormone.
In the clinic, dosing has begun on a phase-I immunotherapy vaccine for type-1 diabetes.
All of this has occurred as it has integrated the recently-bought commercial business in America.
“Our operations in the US have the potential to deliver double-digit top-line growth in 2017 and our fully integrated R&D pipeline with two platform technologies continues to progress well with several clinical milestones expected in 2017,” said chairman Rolf Stahel, former boss of Shire, the pioneer of specialty pharma.
“With the funds raised in November we have continued to invest in the pipeline, manufacturing and commercial platforms, all supporting the development of the Company towards future profitability. We look forward to another successful year of growth in 2017.”
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175907/drug-firm-midatech-pharma-prelims-chart-a-year-of-significant-progress-175907.html
