On April 26, 2022 Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines, reported its audited preliminary results for the year ended 31 December 2021 (Press release, Midatech Pharma, APR 26, 2022, View Source [SID1234613004]).
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2021 HIGHLIGHTS
Operational
·In June 2021, in an R&D update we announced:
oBreakthrough data on the successful encapsulation of a biologic using Q-Sphera technology. We believe no other commercial or academic organisation has been able to successfully deliver therapeutic proteins over extended periods using methods capable of commercial scale up.
oDelivery of proof of concept formulations of MTX214 and MTX216 to our collaboration partner Janssen for them to undertake in vivo studies.
oSuccessful development of a long-acting formulation of MTD211 (Q-brexpiprazole) which, in in vivo studies, demonstrated that a single injectable dose could deliver therapeutic blood levels of brexpiprazole over a period of three months.
·In July 2021, we closed a Placing of 35.1m new ordinary shares with investors in the UK to raise gross proceeds of £10m (£9m net of expenses).
·In August 2021, we announced that the Company had moved its headquarters, including offices and custom built laboratories to new facilities at Caspian Point in Cardiff. The new premises were officially opened by Vaughn Gething MS, Welsh Government Minister for the Economy.
·In December 2021, we announced the successful completion of the 30-day FDA review period of our Investigational New Drug Application for a planned Phase I study of MTX110 in recurrent Glioblastoma Multiforme.
Post period end
·In January 2022, we announced an extension of our R&D collaboration with Janssen. Under the extended collaboration we will focus on maximizing drug loading and optimizing in vitro duration of release for Janssen’s undisclosed experimental molecule using our Q-Sphera technology.
·In February 2022, we announced Janssen had added a second molecule to the collaboration with the same objectives of maximizing drug loading and optimizing in vitro duration of release.
Financial
·Total gross revenue(1) for the year of £0.58m (2020: £0.34m).
·Customer revenue(2) for 2021 of £0.58m (2020: £0.18m).
·UK Placing in July 2021 raised £9.0m, net of expenses.
·Cash and deposits at 31 December 2021 of £10.06m (2020: £7.55m).
·Net loss from continuing operations of £5.46m (2020: £22.19m loss).
·Net cash inflow in the year of £2.52m (2020: £3.64m outflow).
·Tax credit receivable of £0.67m (2020: £1.16m).
1.Total gross revenue represents collaboration income from continuing operations plus grant revenue.
2.Customer revenue represents total gross revenue, excluding grant revenue.