MIDATECH PHARMA
News | News Release
Apr 4, 2017
Audited financial results for the year ended 31 December 2016

Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the international specialty pharmaceutical company focused on commercialising and developing products in oncology, immunology and other therapeutic areas, today announces its audited financial results for the twelve-month period ended 31 December 2016.

Financial highlights

  • Total gross revenues(1) for the year up 510% to £9.21m (2015: 844% to £1.51m) (2014: £0.16m), in line with expectations
  • Statutory Revenue(2) for the year up 718% to £6.38m (2015: 2,500% to £0.78m) (2014: £0.03m)
  • £17.61m cash and deposits at 31 December 2016 (2015: £16.18m, 2014: £30.33m), in line with market forecasts
  • Net loss after tax of £20.16m (2015: £10.10m, 2014: £8.82m) with net cash inflow in the year of £0.97m (2015: £14.17m outflow, 2014: £27.94m inflow)
  • Tax credit receivable of £1.44m (2015: £1.20m, 2014: £0.84m)
  • Entered into a senior secured £6 million loan agreement with Silicon Valley Bank in Q1 2017

Operational highlights including post period end highlights

  • Successful integration and strong sales performance from recently acquired US commercial business
  • Midatech’s launch of our anti-nausea product Zuplenz® in the US
  • Preparation for final development and commercialisation of Q-Octreotide
  • Product candidate testing for hepatocellular carcinoma (HCC) and glioblastoma (GBM)
  • Dosing commenced in first immunotherapy vaccine Phase I study for type 1 diabetes
  • Further positive progress seen in the Company’s OpsiSporin and MTX110/111 (DIPG) programmes

1 Total gross revenues represents the full list price of products shipped to wholesalers and other customers before product returns, discounts, rebates and other incentives based on the sales price and grant revenue.

2 Statutory Revenue represents total gross revenue, excluding grant revenue and after deductions for product returns, discounts, rebates and other incentives.

Commenting on the Annual Results for 2016, Midatech’s Chairman, Rolf Stahel, said: “Midatech has made significant progress in 2016 and continued to lay down sound foundations for future growth both across the commercial side of the business and with the exciting pipeline of drugs in development.

“Our operations in the US have the potential to deliver double-digit top-line growth in 2017 and our fully integrated R&D pipeline with two platform technologies continues to progress well with several clinical milestones expected in 2017.

“With the funds raised in November we have continued to invest in the pipeline, manufacturing and commercial platforms, all supporting the development of the Company towards future profitability. We look forward to another successful year of growth in 2017”

 

Midatech will host a conference call and live Q&A session today (Tuesday 4 April 2017) at 1400 BST / 0900 EDT for analysts and investors to discuss the Annual Results. Dr Jim Phillips, Chief Executive Officer, and Nick Robbins-Cherry, Chief Financial Officer, will participate. Dial-in details are: UK: +44 1452 555 566, US: +1 86 69 66 94 39, ID: 95480046.

The presentation will be available on Midatech’s website shortly before the call, and a recording will be available shortly afterwards.

News
News Release
Apr 4, 2017
Audited financial results for the year ended 31 December 2016

Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the international specialty pharmaceutical company focused on commercialising and developing products in oncology, immunology and other therapeutic areas, today announces its audited financial results for the twelve-month period ended 31 December 2016.

Financial highlights

  • Total gross revenues(1) for the year up 510% to £9.21m (2015: 844% to £1.51m) (2014: £0.16m), in line with expectations
  • Statutory Revenue(2) for the year up 718% to £6.38m (2015: 2,500% to £0.78m) (2014: £0.03m)
  • £17.61m cash and deposits at 31 December 2016 (2015: £16.18m, 2014: £30.33m), in line with market forecasts
  • Net loss after tax of £20.16m (2015: £10.10m, 2014: £8.82m) with net cash inflow in the year of £0.97m (2015: £14.17m outflow, 2014: £27.94m inflow)
  • Tax credit receivable of £1.44m (2015: £1.20m, 2014: £0.84m)
  • Entered into a senior secured £6 million loan agreement with Silicon Valley Bank in Q1 2017

Operational highlights including post period end highlights

  • Successful integration and strong sales performance from recently acquired US commercial business
  • Midatech’s launch of our anti-nausea product Zuplenz® in the US
  • Preparation for final development and commercialisation of Q-Octreotide
  • Product candidate testing for hepatocellular carcinoma (HCC) and glioblastoma (GBM)
  • Dosing commenced in first immunotherapy vaccine Phase I study for type 1 diabetes
  • Further positive progress seen in the Company’s OpsiSporin and MTX110/111 (DIPG) programmes

1 Total gross revenues represents the full list price of products shipped to wholesalers and other customers before product returns, discounts, rebates and other incentives based on the sales price and grant revenue.

2 Statutory Revenue represents total gross revenue, excluding grant revenue and after deductions for product returns, discounts, rebates and other incentives.

Commenting on the Annual Results for 2016, Midatech’s Chairman, Rolf Stahel, said: “Midatech has made significant progress in 2016 and continued to lay down sound foundations for future growth both across the commercial side of the business and with the exciting pipeline of drugs in development.

“Our operations in the US have the potential to deliver double-digit top-line growth in 2017 and our fully integrated R&D pipeline with two platform technologies continues to progress well with several clinical milestones expected in 2017.

“With the funds raised in November we have continued to invest in the pipeline, manufacturing and commercial platforms, all supporting the development of the Company towards future profitability. We look forward to another successful year of growth in 2017”

 

Midatech will host a conference call and live Q&A session today (Tuesday 4 April 2017) at 1400 BST / 0900 EDT for analysts and investors to discuss the Annual Results. Dr Jim Phillips, Chief Executive Officer, and Nick Robbins-Cherry, Chief Financial Officer, will participate. Dial-in details are: UK: +44 1452 555 566, US: +1 86 69 66 94 39, ID: 95480046.

The presentation will be available on Midatech’s website shortly before the call, and a recording will be available shortly afterwards.

© Copyright 2017 Midatech Pharma PLC