Midatech Pharma plc (MTP) shares jumped 9.5% in after-market on Tuesday, June 15, 2021, and close the day at $2.19 per share. Earlier in the morning session, MTP’s stock lost 3.85% to close Tuesday’s session at $2.00. MTP shares have risen 40.85% over the last 12 months, and over the past three months, the stock has lost 13.04%, while over the past six months, it has added 2.19%.
Let’s discuss MTP news and developments briefly.
Upcoming investor webinar
Midatech Pharma PLC will be hosting an investor webinar focused on the Company’s various R&D programs at 2.00 pm BST 9.00 am EST on 17 June 2021.
Publishing of Annual Report & AGM schedule
On May 21, 2021, Midatech Pharma PLC posted its Notice of Annual General Meeting (“AGM”) to shareholders, along with the Annual Report for the year ended 31 December 2020. The document is also available on the “Investors” section of the Company’s website.
The Company will hold the 2021 AGM at its offices at 11.30 am at Oddfellows House, 19 Newport Road, Cardiff CF24 0AA on 30 June 2021.
Recent financial results
On April 30, 2021, Midatech Pharma PLC reported its audited preliminary financial results for the year ended 31 December 2020.
FY 2020 financial highlights
- Midatech Pharma reported total gross revenue of £0.3million compared to£0.7 million in FY 2019.
- Research and development expenses were £6.1 million for FY 2020 compared to £7.8 million for FY 2019.
- As of December 31, 2021, the company had cash and deposits of £7.5 million compared to £10.9 million on December 31, 2019.
- The company suffered a net loss of £22.2 million from continuing operations in FY 2020 compared to a £9.1 million loss in FY 2019.
MTX110 Update
OnMarch 25, 2021, Midatech Pharma PLC agreed on non-binding Heads of Terms for the co-development of MTX110.
Earlier on 26 January 2021, Midatech engaged in tentative discussions with a third party around the potential co-development of MTX110. These discussions have now advanced and a non-binding Heads of Terms has been agreed, which stated that the Company would expect to receive a modest upfront payment upon execution, success-based development, and sales milestones and royalties if the deal progresses to definitive agreements.
Warrant’sexercise and Issue of Equity
On February 17, 2021, Midatech Pharma PLC issued 61,363 American Depositary Shares to certain US investors, representing 306,815 ordinary shares of 0.1p each in the Company. Each ADS represents five ordinary shares. The company will get gross proceeds of $126, from the exercise of these warrants.
Conclusion
As of this writing, we are unable to find any recent news or development which could be linked with its turnaround on Tuesday. We are unable to predict how MTP stock will perform in the coming days.
