18th May 2020 11:04
(Alliance News) - Midatech Pharma PLC on Monday said it reduced its costs in 2019, resulting in the narrowed loss.
The drug delivery technology company expects to post a loss from continuing operations of GBP9.1 million for 2019 compared to a loss of GBP10.4 million a year earlier, despite total revenue falling to GBP700,000 from GBP1.9 million.
Midatech explained that its loss narrowed due to reduction in research & development costs to GBP7.8 million from GBP9.4 million year-on-year. Administrative expenses also decreased to GBP3.8 million from GBP4.4 million.
At the end of March, the company announced the termination of further in-house development of MTD201 and the closure of its MTD201 dedicated manufacturing facilities in Bilbao, Spain.
Thus, all 42 Bilbao-based employees and five UK-based employees are being made redundant.
The company expects to publish its audited results for 2019 by the end of May.
AIM-listed Midatech Pharma shares were trading 11% lower in London on Monday at 37.15 pence each.
By Evelina Grecenko; [email protected]
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