TIDMMTPH
RNS Number : 9884P
Midatech Pharma PLC
15 February 2023
15 February 2023
Midatech Pharma PLC
("Midatech" or the "Company")
Closing of US$6.0 million Private Placement
Change of Broker
Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), a drug delivery
technology company focused on improving the bio-delivery and
bio-distribution of medicines, announces the closing of the Private
Placement of 10,344,822 Units initially at an issue price of
US$0.58 per Unit (further details of which were set out in the
announcement of 9 February 2023).
Each such Unit comprises either (i) one American Depository
Share ("ADS"), one A Warrant and one and one-half B Warrants, or
(ii) one Pre-Funded Warrant, one A Warrant and one and one-half B
Warrants. The Company will therefore issue, in aggregate, 2,600,160
new ADSs (representing 65,004,000 new ordinary shares of 0.1p each
("Ordinary Shares") (the "Placing Shares") and 7,744,662 Pre-Funded
Warrants (subject to adjustment as set out in the Company's
announcement of 9 February 2023) under the Private Placement.
The 65,004,000 Placing Shares issued in respect of the Private
Placement were admitted to trading on AIM at 8.00 a.m. today. The
Placing Shares rank pari passu with the pre-existing Ordinary
Shares.
The net proceeds to the Company raised via the Private Placement
are expected to be approximately US$5.2 million (approximately
GBP4.3 million), after deducting the placement agent's fees and
other estimated expenses. Midatech intends to use such net proceeds
primarily to continue funding of the clinical development program
of MTX110, its product for recurrent glioblastoma and DIPG, and for
working capital and general corporate purposes.
Ladenburg Thalmann & Co. Inc. acted as the exclusive
placement agent for the Private Placement.
In addition, subject to shareholder approval being obtained at
the planned forthcoming general meeting, the Company intends to
grant, in aggregate, 10,344,822 A Warrants and 15,517,236 B
Warrants to the investors in the Private Placement. The A Warrants
and B Warrants, if issued, will afford the holder the right to
subscribe for one ADS for nil consideration, will be immediately
exercisable and expire in five years and three years,
respectively.
A circular convening the general meeting is expected to be sent
to shareholders shortly.
Change of Broker
Midatech announces the appointment of Strand Hanson Limited
("Strand Hanson") as the Company's sole broker with immediate
effect. Strand Hanson remains the Company's Nominated Adviser.
Additional Information
The securities offered under the Private Placement were offered
in a private placement under Section 4(a)(2) of the Securities Act
of 1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the Warrants, have not been registered
under the Act, and may not be offered or sold in the United States
absent registration with the SEC or an applicable exemption from
such registration requirements and applicable state securities
laws.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Unless otherwise specified, this announcement contains certain
translations of US dollar into amounts in Pounds Sterling based on
the exchange rate of GBP1.00 = US$1.2174.
Capitalised terms shall have the same meanings as those set out
in the Company's announcement of 9 February 2023.
For more information, please contact :
Midatech Pharma PLC
Stephen Stamp, CEO, CFO
Tel: +44 (0)29 20480 180
www.midatechpharma.com
Strand Hanson Limited (Nominated Adviser and Broker )
James Dance / Matthew Chandler / Rob Patrick
Tel: +44 (0)20 7409 3494
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of legislation in
the United Kingdom and/or United States Private Securities
Litigation Reform Act. All statements contained in this press
release that do not relate to matters of historical fact should be
considered forward-looking statements, including, but not limited
to, statements regarding the intended use of proceeds from the
Offering.
Reference should be made to those documents that Midatech shall
file from time to time or announcements that may be made by
Midatech in accordance with the London Stock Exchange's AIM Rules
for Companies ("AIM Rules"), the Disclosure and Transparency Rules
("DTRs") and the rules and regulations promulgated by the US
Securities and Exchange Commission, which contains and identifies
other important factors that could cause actual results to differ
materially from those contained in any projections or
forward-looking statements. These forward-looking statements speak
only as of the date of this announcement. All subsequent written
and oral forward-looking statements by or concerning Midatech are
expressly qualified in their entirety by the cautionary statements
above. Except as may be required under the AIM Rules or the DTRs or
by relevant law in the United Kingdom or the United States,
Midatech does not undertake any obligation to publicly update or
revise any forward-looking statements because of new information,
future events or otherwise.
About Midatech Pharma PLC
Midatech Pharma PLC (dual listed on LSE AIM: MTPH; and NASDAQ:
MTP) is a drug delivery technology company focused on improving the
bio-delivery and bio-distribution of medicines . The Company
combines approved and development medications with its proprietary
and innovative drug delivery technologies to provide compelling
products that have the potential to powerfully impact the lives of
patients.
The Company has developed three in-house technology platforms,
each with its own unique mechanism to improve delivery of
medications to sites of disease. All of the Company's technologies
have successfully entered human use in the clinic, providing
important validation of the potential for each platform:
-- Q-Sphera(TM) platform: a disruptive micro-technology used for
sustained release to prolong and control the release of
therapeutics over an extended period of time (from weeks to
months).
-- MidaSolve(TM) platform: an innovative nanotechnology used to
dissolve insoluble drugs so that they can be administered in liquid
form directly and locally into tumours.
-- MidaCore(TM) platform: a leading-edge nanotechnology used for
targeting medications to sites of disease.
The platform nature of the technologies offers the potential to
develop multiple drug assets rather than being reliant on a limited
number of programmes. Midatech's technologies are supported by 36
patent families including 120 granted patents and an additional 70
patent applications. Midatech's headquarters and R&D facility
is in Cardiff, UK. For more information please visit
www.midatechpharma.com
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END
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