Midatech Pharma (AIM: MTPH, Nasdaq: MTP), the international specialty pharmaceutical company focused on developing and commercialising products in oncology, today announces a trading update and provides notice of its interim results for the six months ended 30 June 2017.
The Board expects total gross revenues of approximately £5.2 million, a 37% increase from the £3.8 million recorded in the six months to June 2016, and the Company remains on-track to deliver market expectations for the full year 2017. Sales for the second half of 2016 represented 59% of full year gross revenues and the Board anticipates a similar split in 2017, subject to continued sales growth at approximately the H1 2017 vs. H1 2016 rate.
Commenting on trading update, Dr Jim Phillips, CEO of Midatech, said: "I am pleased to report that Midatech’s US commercial business has continued to grow strongly in 2017. Looking into the second half of the year and beyond, the group remains focused on three lead research and development programmes, the first of which, Q-Octreotide, remains on-track to release important bioequivalence data in Q4 of the current year. We anticipate similar revenue growth for H2 2017 compared to the first half of the year and being able to deliver full-year revenues in line with current market expectations.”
Midatech expects to announce its interim results in September 2017. Dr Jim Phillips, Chief Executive Officer, and Nick Robbins-Cherry, Chief Financial Officer, will host a presentation for analysts and conference call. Details of the call will be published on the day of the results. The call will be recorded and a replay will be available for 30 days.
This announcement contains insider information for the purposes of Article 7 of Regulatory (EU) No596/2014.