Midatech knows no reason for Wednesday's share price surge

AIM-listed specialty pharmaceutical group Midatech said on Thursday that it knows no reason for the jump in its share price a day earlier.

Midatech said that as announced in its full-year results, it is looking into a range of non-dilutive financing options which, if successful, would enable it to deliver on its key value-driving programmes without requiring equity finance in the short-term.

"The company remains on track to deliver all R&D programmes as outlined in the statement, and expects to commence first visit dosing in the first in-human study of the company's sustained release product Q-Octreotide (MTD201) for the treatment of acromegaly and carcinoid cancer this month."

At 0945 BST, the shares were down 19.6% to 37p.