Midatech (AIM: MTPH, Nasdaq: MTP), the international specialty pharmaceutical company focused on developing and commercialising products in oncology, is pleased to announce that it has entered into a four-year senior secured loan agreement with MidCap Financial of up to $15 million (the “Facility”).
Midatech has received an initial tranche of $7 million. The issuance of further tranches under the Facility is dependent on clinical development milestones set out for MTD201 and MTX110. The funds will be used to support progression towards these and other value-driving product milestones.
Commenting on the agreement, Dr Jim Phillips, Chief Executive Officer of Midatech Pharma, said: "This agreement allows us to continue the clinical development of key products. With the extensive due diligence that was required, it also indicates significant support in Midatech’s future. With our lead programmes heading towards potentially significant, value-driving inflection points in 2018, and the continued progress of our R&D pipeline and US commercial activities, this is an exciting time for the business.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).