3 April 2017

Midatech Pharma PLC - Audited financial results for the year ended 31 December 2016


Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the international specialty pharmaceutical company focused on commercialising and developing products in oncology, immunology and other therapeutic areas, today announces its audited financial results for the twelve-month period ended 31 December 2016.

Financial highlights

  • Total gross revenues(1) for the year up 510% to £9.21m (2015: 844% to £1.51m) (2014: £0.16m), in line with expectations
  • Statutory Revenue(2) for the year up 718% to £6.38m (2015: 2,500% to £0.78m) (2014: £0.03m)
  • £17.61m cash and deposits at 31 December 2016 (2015: £16.18m, 2014: £30.33m), in line with market forecasts
  • Net loss after tax of £20.16m (2015: £10.10m, 2014: £8.82m) with net cash inflow in the year of £0.97m (2015: £14.17m outflow, 2014: £27.94m inflow)
  • Tax credit receivable of £1.44m (2015: £1.20m, 2014: £0.84m)
  • Entered into a senior secured £6 million loan agreement with Silicon Valley Bank in Q1 2017

Operational highlights including post period end highlights

  • Successful integration and strong sales performance from recently acquired US commercial business
  • Midatech’s launch of our anti-nausea product Zuplenz® in the US
  • Preparation for final development and commercialisation of Q-Octreotide
  • Product candidate testing for hepatocellular carcinoma (HCC) and glioblastoma (GBM)
  • Dosing commenced in first immunotherapy vaccine Phase I study for type 1 diabetes
  • Further positive progress seen in the Company’s OpsiSporin and MTX110/111 (DIPG) programmes

1 Total gross revenues represents the full list price of products shipped to wholesalers and other customers before product returns, discounts, rebates and other incentives based on the sales price and grant revenue.

2 Statutory Revenue represents total gross revenue, excluding grant revenue and after deductions for product returns, discounts, rebates and other incentives.

“Midatech has made significant progress in 2016 and continued to lay down sound foundations for future growth both across the commercial side of the business and with the exciting pipeline of drugs in development."

“Our operations in the US have the potential to deliver double-digit top-line growth in 2017 and our fully integrated R&D pipeline with two platform technologies continues to progress well with several clinical milestones expected in 2017."

“With the funds raised in November we have continued to invest in the pipeline, manufacturing and commercial platforms, all supporting the development of the Company towards future profitability. We look forward to another successful year of growth in 2017”

Rolf Stahel

Midatech’s Chairman

For more information, please contact:

Midatech Pharma PLC
Jim Phillips, CEO
Tel: +44 (0)1235 841575 

Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate Finance

Freddy Crossley / Duncan Monteith

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

Westwicke Partners (US Investor Relations)
Chris Brinzey
Tel: +1 339 970 2843
Email: chris.brinzey@westwicke.com 

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

*** For full financial statement please see attached pdf document ***

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