Midatech Pharma Shares Fall on Risk of Entering Into Administration

Dow Jones2023-01-23

By Michael Susin

Midatech Pharma PLC shares fell on Monday after the company said it may run out of funds from mid-March, and that several resolutions weren't passed at the annual general meeting.

Shares at 1223 GMT were down 0.3 pence, or 11.8%, at 2.25 pence.

The drug-delivery technology company, which is listed in the U.K. and the U.S., said it has sufficient cash resources to fund its operations until mid-March and that it urgently needs further alternative funds.

"If alternative funding is not available, the directors believe that it is likely that the company could be forced to enter into administration," it added.

Midatech has appointed Quantuma Advisory Limited to undertake a contingency plan and provide advice on appropriate actions, it added.

The company also said the acquisition of Bioasis Technologies Inc. and the change of the company's name to Biodexa Pharmaceuticals PLC, among other resolutions, were disapproved by shareholders. Only the resolution to give directors authority to allot securities was approved with 62.5% of the votes.

The total number of votes cast represented around of 35.6% of the group's total share capital.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

January 23, 2023 07:40 ET (12:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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