Transaction Information
Midatech Pharma PLC (AIM:MTPH.L)(Nasdaq:MTP) announced that it has raised $6.0 million of gross proceeds from U.S. institutional investors in a Private Placement offering. The offering consists of 10,344,822 units at an offering price of $0.58 per unit. Each unit consists of one American Depository Share ("ADS"), one A Warrant and one and one-half B Warrant. In lieu of an ADS, for beneficial ownership purposes, investors received a Pre-Funded Warrant. A total of 10,344,822 A Warrants and 15,517,236 B Warrants will be issued under the Private Placement. The ADS underlying the A Warrants and B warrants are subject to a shareholder vote.
The net proceeds received from the Private Placement will enable the Company to focus on developing its clinical asset, MTX110, and, alongside cost-cutting initiatives, are expected to provide the Company with sufficient working capital to December 2023. The Company expects to report completion of treatment in the second investigator initiated Phase I study in rare orphan Diffuse Intrinsic Pontine Glioma (DIPG) in Q2 2023. The Company also expects to report initial progression free survival (PFS) clinical data from its Phase I study in recurrent Glioblastoma (GBM) in Q3 2023.
Ladenburg Thalmann & Co. Inc. acted as exclusive placement agent in relation to the Private Placement.
About Midatech Pharma PLC
Midatech Pharma PLC (currently dual listed on AIM:MTPH; and NASDAQ:MTP) is a drug delivery technology company focused on improving the bio-delivery and bio-distribution of medicines. The Company combines approved and development medications with its proprietary and innovative drug delivery technologies to provide compelling products that have the potential to powerfully impact the lives of patients. For more information, please visit www.midatech.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.