Midatech Pharma PLC Midatech Loan Agreement with MidCap Financial (6375A)
January 02 2018 - 2:00AM
UK Regulatory
TIDMMTPH
RNS Number : 6375A
Midatech Pharma PLC
02 January 2018
2 January 2018
Midatech 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 PLC
Jim Phillips, CEO
Tel: +44 (0)1235 841575
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate Finance
Freddy Crossley / Atholl Tweedie
Broking
Tom Salvesen
Tel: +44 (0)20 7886 2500
Consilium Strategic Communications (Financial PR)
Mary Jane Elliott / Ivar Milligan / Nick Brown
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 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 Financial
MidCap 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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