Each such Unit comprises either (i) one American Depository Share ('ADS'), one A Warrant and one and one-half B Warrants, or (ii) one Pre-Funded Warrant, one A Warrant and one and one-half B Warrants. The Company will therefore issue, in aggregate, 2,600,160 new ADSs (representing 65,004,000 new ordinary shares of 0.1p each ('Ordinary Shares') (the 'Placing Shares') and 7,744,662 Pre-Funded Warrants (subject to adjustment as set out in the Company's announcement of
The 65,004,000 Placing Shares issued in respect of the Private Placement were admitted to trading on AIM at
The net proceeds to the Company raised via the Private Placement are expected to be approximately
In addition, subject to shareholder approval being obtained at the planned forthcoming general meeting, the Company intends to grant, in aggregate, 10,344,822 A Warrants and 15,517,236 B Warrants to the investors in the Private Placement. The A Warrants and B Warrants, if issued, will afford the holder the right to subscribe for one ADS for nil consideration, will be immediately exercisable and expire in five years and three years, respectively.
A circular convening the general meeting is expected to be sent to shareholders shortly.
Change of Broker
Additional Information
The securities offered under the Private Placement were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the 'Act'), and Regulation D promulgated thereunder and, along with the Warrants, have not been registered under the Act, and may not be offered or sold in
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Unless otherwise specified, this announcement contains certain translations of US dollar into amounts in Pounds Sterling based on the exchange rate of
Capitalised terms shall have the same meanings as those set out in the Company's announcement of
Contact:
Tel: +44 (0)29 20480 180
www.midatechpharma.com
Strand
Tel: +44 (0)20 7409 3494
Forward-Looking Statements
Certain statements in this press release may constitute 'forward-looking statements' within the meaning of legislation in the
Reference should be made to those documents that
About
The Company has developed three in-house technology platforms, each with its own unique mechanism to improve delivery of medications to sites of disease. All of the Company's technologies have successfully entered human use in the clinic, providing important validation of the potential for each platform:
Q-Sphera platform: a disruptive micro-technology used for sustained release to prolong and control the release of therapeutics over an extended period of time (from weeks to months).
MidaSolve platform: an innovative nanotechnology used to dissolve insoluble drugs so that they can be administered in liquid form directly and locally into tumours.
MidaCore platform: a leading-edge nanotechnology used for targeting medications to sites of disease.
The platform nature of the technologies offers the potential to develop multiple drug assets rather than being reliant on a limited number of programmes.
(C) 2023 Electronic News Publishing, source