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Midatech making “significant progress” with two of its key clinical programmes

Early data from the first-in-human study of Midatech’s acromegaly and carcinoid cancer drug, MTD201 is due within the next few months, while its, MTX110 brain cancer treatment continues to “progress well”
cancer cell
Sales grew once again in the first half of the year

Drug developer Midatech Pharma Plc (LON:MTPH) has praised the “significant progress” it made with two of its key clinical programmes in the first half of the year.

The AIM-quoted firm remains on track to announce the results of the initial phase of the ongoing first-in-human study of its MTD201 drug towards the end of Q3 or start of Q4 this year.

MTD201 is being developed as a treatment for a hormonal disorder called acromegaly as well as for carcinoid cancer.

READ: Midatech primed and funded for success

Its other key clinical programme, called MTX110, a potential treatment for a rare type of brain tumour found in children, continues to “progress well”.

Midatech added that preparation work to take its MTD119 liver cancer drug into the clinic is currently underway.

Away from the lab, the firm is on course to meet full-year market expectations after a solid first-half performance.

For the six months to June 30 2018, Midatech is guiding for revenue of £5.8mln, a 16% increase from the £5.0mln it posted for the same period last year.

Sales for the second half of 2017 represented 56% of full-year gross product sales, and Midatech anticipates a similar split in 2018.

As it has said before, the company continues to look at ways to meet its cash flow needs, including non-dilutive financing.

“I am pleased to report a strong trading update for the first half of the year, with continued sales growth in our US business and significant progress made in our key clinical programmes, MTD201 and MTX110,” said chief executive Craig Cook.

“There is renewed momentum throughout the group as we progress towards the key value inflection points for our clinical pipeline over the next eighteen months, and we remain focused on bringing our innovative and potentially life-changing therapies to market in areas of significant unmet need.”

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