Midatech Pharma Plc: Trading Update and Notice of Results
July 18 2017 - 7:01AM
18 July 2017Midatech Pharma PLC("Midatech",
"Company" or "Group")
Trading Update and Notice of Results
Midatech Pharma (AIM: MTPH, Nasdaq: MTP), the
international specialty pharmaceutical company focused on
developing and commercialising products in oncology, today
announces a trading update and provides notice of its interim
results for the six months ended 30 June 2017.
The Board expects total gross revenues of
approximately £5.2 million, a 37% increase from the £3.8 million
recorded in the six months to June 2016, and the Company remains
on-track to deliver market expectations for the full year 2017.
Sales for the second half of 2016 represented 59% of full year
gross revenues and the Board anticipates a similar split in 2017,
subject to continued sales growth at approximately the H1 2017 vs.
H1 2016 rate.
Commenting on trading update, Dr Jim
Phillips, CEO of Midatech, said: "I am pleased to report that
Midatech's US commercial business has continued to grow strongly in
2017. Looking into the second half of the year and beyond,
the group remains focused on three lead research and development
programmes, the first of which, Q-Octreotide, remains on-track to
release important bioequivalence data in Q4 of the current year. We
anticipate similar revenue growth for H2 2017 compared to the first
half of the year and being able to deliver full-year revenues in
line with current market expectations."
Midatech expects to announce its interim results
in September 2017. Dr Jim Phillips, Chief Executive Officer, and
Nick Robbins-Cherry, Chief Financial Officer, will host a
presentation for analysts and conference call. Details of the call
will be published on the day of the results. The call will be
recorded and a replay will be available for 30 days.
This announcement contains insider
information for the purposes of Article 7 of Regulatory (EU)
No596/2014.
- Ends -
For more information, please contact:
Midatech Pharma PLCJim Phillips, CEOTel:
+44 (0)1235 841575www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated
Adviser and Broker)Corporate FinanceFreddy Crossley /
Duncan MonteithBrokingTom SalvesenTel: +44 (0)20 7886
2500
Consilium Strategic Communications (Financial
PR)Mary Jane Elliott / Ivar Milligan / Cameron StandageTel: +44
(0)20 3709 5700Email: midatech@consilium-comms.com
Westwicke Partners (US Investor
Relations)Chris BrinzeyTel: +1 339 970 2843Email:
chris.brinzey@westwicke.com
Notes for Editors
About Midatech Pharma PLC
Midatech is an international specialty
pharmaceutical company focused on oncology and other therapeutic
areas with a US commercial operation marketing four cancer care
supportive products, and co-promoting two others. Midatech's
strategy is to internally develop oncology products and collaborate
with partners in other therapy areas, and to drive growth both
organically and through strategic acquisitions. The Company's
R&D activities are supported by two breakthrough drug delivery
technologies: Q-Sphera for sustained release and our proprietary
gold nanoparticles. The Group, listed on AIM: MTPH and Nasdaq: MTP,
employs c.110 staff in four countries. For further company
information see: www.midatechpharma.com
Forward-Looking Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of
legislation in the United Kingdom and/or United States, including
estimates for interim results for the six months ended 30 June
2017. These forward-looking statements are based upon
assumptions made by Midatech as of the date hereof and are subject
to known and unknown risks and uncertainties that could cause
actual results to differ materially from those anticipated. Actual
results may differ from those indicated as a result of the
finalization of the interim results for the six months ended 30
June 2017, as well as other risks and uncertainties, including,
without limitation, the risks and uncertainties described from time
to time in the filings made by the Company with the Securities and
Exchange Commission ("SEC"). Such forward-looking statements
include, but are not limited to statements regarding Midatech's
anticipated interim financial results, the anticipated financial
results for the full year 2017, future revenue growth, future
advancement and success of its oncology programmes, and the
successful development and regulatory approval of Midatech's
products. Any forward-looking statements are based on
currently available competitive, financial and economic data
together with management's views and assumptions regarding future
events and business performance as of the time the statements are
made and are subject to risks and uncertainties. We wish to caution
you that there are some known and unknown factors that could cause
actual results to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements.Reference should be made to those
documents that Midatech shall file from time to time or
announcements that may be made by Midatech in accordance with the
London Stock Exchange AIM Rules for Companies ("AIM Rules"), the
Disclosure and Transparency Rules ("DTRs") and the rules and
regulations promulgated by the SEC, which contains and identifies
other important factors that could cause actual results to differ
materially from those contained in any projections or
forward-looking statements. These forward-looking statements speak
only as of the date of this announcement. All subsequent written
and oral forward-looking statements by or concerning Midatech are
expressly qualified in their entirety by the cautionary statements
above. Except as may be required under the AIM Rules or the DTRs or
by relevant law in the United Kingdom or the United States,
Midatech expressly disclaims any obligation or undertaking to
publicly update or revise any forward-looking statements presented
herein because of new information, future events, changes in
expectations, or events otherwise arising. For further
information regarding risks and uncertainties associated with
Midatech's business, please refer to Midatech's filings with the
SEC, including the Annual Report on Form 20-F for the fiscal year
ended December 31, 2016, filed by Midatech with the SEC on April 6,
2017.
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