Midatech Pharma Shares Fall on Bioasis Technologies Buy, Plan to Cancel AIM Listing

Dow Jones2022-12-14

By Ian Walker

Shares of Midatech Pharma PLC fell 39% on Tuesday after the company said that it is buying Canada-listed Bioasis Technologies Inc. for 4.4 million pounds (US$5.4 million) in shares and will cancel its trading on London's junior AIM upon completion.

The drug-delivery technology company--which is listed in the U.K. and U.S.--is also planning to raise $10 million via a two-part equity fund raising. It will use the money to repay some of Bioasis' debt and for working capital to support the enlarged group's business plan.

Midatech is offering 0.9556 of an ordinary share for every Bioasis share held.

Shares in London at 1556 GMT were down 2.30 pence at 3.55 pence.

Following completion of the deal--which is conditional upon a number of things including shareholders approval and the completion of the fund raising--Midatech will be solely listed on Nasdaq.

It also plans to change the company's name to Biodexa Pharmaceuticals PLC.

"By combining the two groups to create Biodexa Pharmaceuticals, we have the opportunity to reposition the enlarged group as an emerging biotech company focused on the development of therapeutics for rare diseases, supported by Midatech and Bioasis' enabling drug delivery platforms," Midatech Chief Executive Stephen Stamp said.

Midatech is planning to hold a general meeting by Feb. 28.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 13, 2022 11:10 ET (16:10 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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