Midatech Loan Agreement with MidCap Financial
02 January 2018 - 11:00PM
2 January 2018Midatech Pharma PLC("Midatech" or the
"Company")
Midatech enters into a Loan Agreement with
MidCap Financial
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).
- 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 /
Atholl TweedieBrokingTom SalvesenTel: +44 (0)20 7886
2500
Consilium Strategic Communications (Financial
PR)Mary Jane Elliott / Ivar Milligan / Nick BrownTel: +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 the research and
development of a pipeline of medicines for oncology and other
therapeutic areas, and marketing these through its established US
commercial operation which includes four cancer care supportive
products and two further co-promoted products. Midatech's
strategy is to internally develop oncology products, and to drive
growth both organically and through strategic acquisitions.
The Company's R&D activities are focused on three innovative
platform technologies to deliver drugs at the "right time, right
place": gold nanoparticles ("GNPs") to enable targeted delivery;
Q-Sphera polymer microspheres to enable sustained release ("SR")
delivery; and Nano Inclusion ("NI") to provide local delivery of
therapeutics, initially to the brain. The Group, listed on AIM:
MTPH and Nasdaq: MTP, employs c.100 staff in four countries. For
further company information see: www.midatechpharma.com
About MidCap FinancialMidCap Financial is a middle
market-focused, specialty finance firm that provides senior debt
solutions to businesses across all industries. The firm's years of
experience, strong balance sheet, and flexibility make it a lender
of choice for companies across all stages of growth and complexity.
MidCap Financial's debt solutions focus in five
areas:· General and
Healthcare Asset-Based working capital loans collateralized by
third-party accounts receivable and other
assets;· Leveraged loans
to companies backed by private equity
sponsors;· Life Sciences
loans to VC-backed and public pharmaceutical, biotech, and medical
device companies;· Real
Estate loans on all types of commercial properties, medical office
buildings, various types of senior housing and skilled nursing
properties; and· Lender
Finance term loans or revolvers provided across the consumer and
commercial finance sectors.Additional information about MidCap
Financial can be found at www.midcapfinancial.com
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