18th May 2016 09:39
LONDON (Alliance News) - Midatech Pharma PLC on Wednesday provided an update on its internal research and development projects which included "disappointing" results from its insulin treatment study, and said it is increasing its focus on oncology where its technology is "better suited".
The specialty pharmaceutical company it has recently completed a Phase IIa study into its self-dissolving insulin product Midaform but said the product "failed to demonstrate the release profile seen in prior studies". As such, Midatech said it wll begin the process of evaluating strategic options alongside its joint venture partner MonoSol Rx LLC.
Midatech added that a second patient has been dosed with its MTX110 treatment for ultra-rare childhood tumour Diffuse Intrinsic Pontine Glioma. The company added that the programme continues to show promising potential and a regulatory meeting has been held to explore a potential route to market in Europe. Midatech said it was on course to submit a clinical trial application during the year, but until then, will supply the treatment on a named patient basis in the UK.
Within the US, interest in using MTX110 at other centres is "under evaluation" by the US Food & Drug Administration.
Midatech said preparations are being made for a trial into its type 1 diabetes vaccine MTx102, and said it was on track to commence dosing in a first-in-human clinical trial in June, with support from a European Union consortium grant. Data updates from the trial are expected in the second half of 2016, Midatech added.
The company said candidate selection is ongoing for its brain and liver cancer treatments and new drug application enabling programmes are scheduled to commence at the end of 2016.
Recent preclinical data from its MTD201 programme for the treatment of acromegaly and carcinoid syndrome has showed positive release profile data compared to the current market leader from rival Novartis AG, Sandostatin LAR. For its MTD201 treatment, Midatech said it plans to submit its Investigational New Drug Application to the US Food & Drug Administration and begin bio-equivalence studies in late 2016.
"I am pleased with the progress we have made across our pipeline in oncology," said Chief Executive Jim Phillips.
"We are obviously disappointed by the results in the insulin MidaSol legacy program, however in the recent Q-Octreotide and OpsiSporin data we have made significant progress in 2016 validating the clinical platform and we look forward to now increasing our focus towards oncology, where our technology is better suited and where we have revenue generating products and have shown we can reach niche markets," Phillips added.
Shares in Midatech were down 11% at 152.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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