Midatech Pharma interim losses narrow

Midatech said on Friday that its first-half pre-tax loss had narrowed to £3.4m, down from £17.9m a year earlier after 2020's interim results were impacted by an £11.6m impairment after the firm terminated the development of one of its products.

Revenue, which was principally derived from research and development contracts and grants, more than doubled, hitting £401,000 in the half, up from £168,000 at the midway point of last year.

The AIM-listed group also stated it had made significant progress across several research and development programmes in the half, achieving breakthrough data for its Q-Sphera drug capsule technology and creating "several opportunities for licensing" in the process.

Chief executive Stephen Stamp said: "The first half of 2021 has been highly productive with three potentially viable Q-Sphera formulations, one internal and two for a collaboration partner.

"We believe the breakthrough data on the encapsulation of a protein could prove to be a very significant opportunity for Midatech."

As of 1315 BST, Midatech shares were up 3.92% at 26.50p.