Midatech Pharma said in its trading update it remains on track to meet market expectations for 2018, as it expects total gross product revenues of approximately £5.8 million to June 2018, a 16% increase from the £5.0 million recorded in the six months to June 2017.Midatech Pharma said that two clinical trials for its key oncology drug candidates, are progressing well. The drug candidates in question are the sustained release product Q-Octreotide MTD201 for the treatment of acromegaly and carcinoid cancer and MTX110 for the treatment of Diffuse Intrinsic Pontine Glioma or “DIPG”. Currently underway is the clinical trial preparation work for MTD119, Midatech’s advanced liver cancer drug candidate which received Orphan Drug Designation earlier this year. The results of the initial phase of Midatech Pharma’s ongoing first in-human study of Q-Octreotide MTD201 in late Q3 or early Q4 2018, the company said.
Dr Craig Cook, CEO of Midatech, said: “I am pleased to report a strong trading update for the first half of the year, with continued sales growth in our US business and significant progress made in our key clinical programmes, MTD201 and MTX110. There is renewed momentum throughout the Group as we progress towards the key value inflection points for our clinical pipeline over the next eighteen months, and we remain focused on bringing our innovative and potentially life-changing therapies to market in areas of significant unmet need.”