Midatech Pharma to Raise About $6 Million to Develop Cancer Treatment

Dow Jones2023-02-10

By Anthony O. Goriainoff

MidaTech Pharma PLC Said late Thursday that it has entered into binding agreements with certain institutional investors in the U.S. to raise about $6 million via a private placement.

The drug-delivery-technology company, which is listed in the U.K. and the U.S., said the net proceeds would be used to develop its clinical asset, MTX110--which is used in the treatment of cancer--and "alongside cost-cutting initiatives...to provide the company with sufficient working capital to December 2023."

The company said it would issue 10.3 million units at an issue price of $0.58 per unit. Each unit is comprised of either one American depository share, or ADS, one A warrant and one and one half B warrant, or, one pre-funded warrant, one A warrant and one and one-half B warrant.

Midatech said it will issue 2.6 million new ADSs representing 65 million new ordinary shares, and 7.7 million pre-funded warrants.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

February 09, 2023 13:27 ET (18:27 GMT)

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

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