Midatech has borrowed £6 million from Silicn Valley Bank to add to the placing of the shares it made in October last year.
To remind, the oncology focused pharmaceutical company got £16 million in October “to accelerate the development of our diverse, oncology-focused pipeline and to support the working capital requirements of the Group to underpin further growth.”
Midatech said on Monday it would get the first tranche of £2 million right away within 10 days, and the further conditional tranches of £2 million each will become available on achievement of certain clinical development milestones, repayable by June 2020.