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Midatech Pharma says full-year revenue up 29% as expected

Oncology-focused group Midatech Pharma said it expected its revenue for the full year to increase in line with expectations.

Based on unaudited results, revenue was expected to be at least £7.4m, the company said, up 29% on the previous year.

The company's US operation also reached break-even in the second half, it added.

At 31 December, the company's cash balance was £13.2m, down from £17.6m a year earlier, but also in line with market expectations.

'With our two lead candidates now approved to enter the clinic, and our established US commercial presence in the US delivering consistent growth, 2017 was a significant year in the group's development and 2018 shows great promise,' chief executive Jim Phillips said.

'Following the loan agreement signed at the beginning of this year, and with rigorous cost containment, Midatech is funded to support progression towards these and other value-driving product milestones and we eagerly await various value inflections points in 2018.'

At 8:19am: (LON:MTPH) Midatech Pharma Plc share price was 0p at 36.5p

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