Midatech Pharma - Urgent pivot required following Bioasis deal fallout
Midatech has announced that its shareholders have not approved the acquisition of Bioasis Technologies at the company’s annual general meeting (AGM), thereby ceasing all proposed transactions/events (including the US$9.6m private placement) contingent on the deal. This comes as a major setback for Midatech as it was counting on the deal to diversify operations and extend its cash runway into Q423. The shareholders’ decision puts Midatech in a tough situation as the company only has cash to last until mid-March 2023 and will urgently need to secure alternative sources of financing. Midatech has appointed Quantuma Advisory, a specialist business advisory firm, to undertake contingency planning. The shares were trading down over 25% by close of play yesterday.Midatech Pharma is a holding company. Through its subsidiaries, Co. is engaged as a specialty pharmaceutical company focused on the development and commercialization of multiple therapeutic products, using its nanomedicine and sustained release technologies, to enhance the delivery of medicines in major diseases with high unmet medical needs. These diseases include diabetes, certain cancers such as liver, ovarian and brain (glioblastoma) and neurological/ophthalmologic conditions. Co.'s two platform technologies are designed to enable targeted delivery and sustained release of existing therapeutic drugs to the "right place" at the "right time."
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