Midatech Pharma updates on Bilbao manufacturing site

Midatech Pharma's shares are up almost 2% after confirming the successful initial scale-up and regulatory inspection of its state-of-the-art manufacturing site in Bilbao, Spain.

The international speciality pharmaceutical company said the manufacturing facility produces all of its gold nanoparticle (GNP) products.

"Now ... the company has installed facilities, equipment and quality assurance systems for in-house manufacturing of its Sustained Release (Q-Sphera) products, at scale," it said.

Midatech added that the new facility had been successfully inspected by the Spanish Agency of Medicines and Medical Devices (AEMPS), and a formal Sustained Release sterile manufacturing licence would be granted upon completion of the in-progress final process validation.

The first sustained release product to be produced at the Bilbao facility was expected to be Q-Octreotide (MTD201), Midatech's in-development programme for the treatment of acromegaly and carcinoid syndrome.

Referring to MTD201, Midatech said it planned to begin a Phase I study and follow-on regulatory programme later in 2017, with anticipated approval and launch expected in 2018/19.

At 11:00 GMT, shares in AIM-quoted Midatech were up 1.67% to 121.5p each.