Midatech Pharma PLC Trading Update and Notice of Results (3020L)
18 July 2017 - 4:01PM
UK Regulatory
TIDMMTPH
RNS Number : 3020L
Midatech Pharma PLC
18 July 2017
18 July 2017
Midatech 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 GBP5.2
million, a 37% increase from the GBP3.8 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 PLC
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate Finance
Freddy Crossley / Duncan Monteith
Broking
Tom Salvesen
Tel: +44 (0)20 7886 2500
Consilium Strategic Communications (Financial PR)
Mary Jane Elliott / Ivar Milligan / Cameron Standage
Tel: +44 (0)20 3709 5700
Email: midatech@consilium-comms.com
Westwicke Partners (US Investor Relations)
Chris Brinzey
Tel: +1 339 970 2843
Email: 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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