The speciality pharmaceutical company intends to raise not less than £12mln through a placing of shares and up to a further £2mln through an open offer of shares to shareholders.
“Midatech is rapidly evolving as a specialty pharma company, and as revenues from our US commercial operations continue to grow, the funds raised in the proposed placing and open offer will provide the company with additional financial resources to accelerate the development of our diverse, oncology-focused pipeline and to support the working capital requirements of the Group to underpin further growth,” said Dr Jim Phillips, chief executive officer of Midatech.
“We welcome the support from existing and new shareholders and look forward to the announcement of several potential commercial and development milestones in the remainder of this year and through 2017,” Dr Phillips said.
The company expects to inform shareholders of the details of the open offer on or around Wednesday of this week.
Story by ProactiveInvestors