Biodexa has reported its FY22 preliminary results and revised business strategy for the medium term. Funding challenges and slower traction than anticipated with the clinical pipeline during the period compelled the company to undertake cost-reduction initiatives (terminating all internal Q Sphera development programs) and pivot its business model from a drug delivery company to a therapeutics play in March 2023 (along with a name change, AIM delisting and share consolidation). Looking ahead, we...
Midatech has announced a new preclinical programme, MTD217, targeting leptomeningeal disease, a secondary metastatic cancer of the central nervous system (CNS), with currently poor prognosis (average survival of 3–6 months). The drug will be developed using the MidaSolve platform (dissolves otherwise insoluble drugs that can then be injected directly to the site of the cancer to maximise efficacy and reduce off-target toxicity). Midatech is working on initiating preclinical studies (in collabora...
What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'...
15 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
Midatech announced on 9 February a private placement to certain US institutional investors to raise US$6m (£5m) in gross proceeds. The issue will comprise 10.3m ADS units (or ADS-equivalent pre-funded warrants, or a combination thereof) at US$0.58/unit along with attached A and B warrants and is expected to close on 15 February 2023. We note that the placement is subject to price adjustments, with the floor price set at US$0.3/unit (or if approved by shareholders, at US$0.1/unit), which would in...
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 ...
Midatech has announced that following the completion of one month of treatment for the first patient enrolled in the MAGIC-G1 study (at a dose of 60uM), the Data Safety Monitoring Board (DSMB) has recommended dose escalation to 90uM (expected to be the target therapeutic dose for MTX110). MAGIC-G1 is an open-label, Phase I study designed to evaluate the feasibility and safety of MTX110 in recurrent glioblastoma (rGBM) using a convection-enhanced delivery (CED) system. However, we note that conti...
Midatech announced an all-stock acquisition of Bioasis Technologies (a Canada-based biopharmaceutical company) by issuing 75,884,553 new shares at an exchange ratio 0.9556 per Bioasis share. This translated to a deal value of c C$7.4m (c £4.4m) at the time of the announcement (at c 5.8p per Midatech share) but is subject to change based on share price movements. The proposed acquisition is expected to close in Q123, contingent on regulatory and shareholder approval. In parallel, Midatech announc...
In a positive signal for its developmental pipeline, Midatech Pharma has announced the first patient recruitment in the Phase I study evaluating MTX110 (using a convection-enhanced delivery (CED) system) in recurrent glioblastoma (rGBM) at the Preston Robert Tisch Brain Tumor Center, Duke University, United States. Despite the aggressive nature of the cancer (average survival is 12–18 months with treatment) the rGBM space remains underserved (no new drug has been approved in over a decade) with ...
Midatech’s lead clinical asset, MTX110, has achieved another regulatory milestone following the decision by the European Medicines Agency (EMA) to grant the drug orphan drug designation for the treatment of gliomas. This includes recurrent glioblastoma (rGBM), diffuse intrinsic pontine glioma (DIPG) and medulloblastoma, currently being targeted by MTX110. ODD should grant Midatech 10 years of market exclusivity on approval, in addition to other incentives such as protocol development assistance ...
Midatech will be presenting interim data from its ongoing Phase I trial assessing lead asset MTX110 in diffuse intrinsic pontine glioma (DIPG) at the upcoming International Symposium on Pediatric Neuro-Oncology (ISPNO). The study is being conducted at the Columbia University Medical Center (CUMC) and the presentation will discuss preliminary results (safety signals) for seven of the 10 study participants. A highlight of this study is the use of an implantable continuous flow device to deliver MT...
In a positive development, Midatech has announced the US FDA has granted fast-track designation for its lead clinical asset, MTX110 in recurrent glioblastoma (rGBM). This should allow to company to apply for a fast-track approval and a potentially faster market entry, provided supportive Phase II data are obtained. MTX110 is expected to start a Phase I study in (rGBM) in mid-2022 with early progression-free survival data expected by Q422. The stock closed up 24.4% following the announcement.
Midatech’s FY21 results continued to reflect financial prudence (following the March 2020 business realignment), with normalised operating loss improving to £7m (£10.7m in FY20) despite a much broader R&D pipeline. Clinical asset MTX110 (MidaSolve platform), already in Phase I for orphan DIPG and medulloblastoma brain cancers, is expected to commence a Phase I study in mid-2022 for recurrent glioblastoma, an opportunity more than 30 times the size of the other two combined. We believe visibility...
Midatech Pharma (Midatech) has announced the extension of its Q-Sphera R&D collaboration deal with Janssen, its European partner since July 2020. The extension includes further optimisation (bio delivery) of Janssen’s experimental monoclonal antibody (mAb), which Midatech had successfully encapsulated using its Q-Sphera technology, as announced in June 2021. The company has an existing three-asset collaboration agreement with Janssen (to develop long-acting injectable versions of its undisclosed...
Midatech Pharma (Midatech) has announced the extension of its Q-Sphera R&D collaboration deal with Janssen, its European partner since July 2020. The extension includes further optimisation (bio delivery) of Janssen’s experimental monoclonal antibody (mAb), which Midatech had successfully encapsulated using its Q-Sphera technology, as announced in June 2021. The company has an existing three-asset collaboration agreement with Janssen (to develop long-acting injectable versions of its undisclosed...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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