Midatech Pharma has raised £5 million via a placing to investors in the UK of eight new ordinary shares.

The HealthTech firm, which as headquarters and a research facility is in Cardiff, is focused on enhancing and extending the lives of patients with rare and serious cancers. It develops chemo and immuno therapeutics using its Q-Sphera proprietary platform drug delivery technologies.

The money will be used to advance the firm’s internal pipeline of products through proof-of-concept and in vivo studies for potential licensing, and to develop its technology for unique application with biologic active pharmaceutical ingredients.

Midatech chief executive Stephen Stamp said: “I am delighted with the progress we have made since we switched our Q-Sphera strategy to a balanced internal pipeline and partner collaboration model.

“In only a few weeks we have both formulated internal candidates and demonstrated their in vitro dissolution; our next step is to confirm these results in vivo," he continued, adding: "We have also signed R&D collaborations with two prestigious partners to explore the feasibility of applying our technology to their proprietary molecules."

Stamp concluded: "The proceeds of the UK placing will allow us to take our internal pipeline through proof-of-concept and develop the Q-Sphera technology for unique applications with biologic active pharmaceutical ingredients.”

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