Midatech has announced a new preclinical programme, MTD217, targeting leptomeningeal disease, a secondary metastatic cancer of the central nervous system (CNS), with currently poor prognosis (average survival of 3–6 months). The drug will be developed using the MidaSolve platform (dissolves otherwise insoluble drugs that can then be injected directly to the site of the cancer to maximise efficacy and reduce off-target toxicity). Midatech is working on initiating preclinical studies (in collaboration with several large academic centres) with the aim to generate proof-of-concept data to support clinical progression. We highlight that in the recently concluded AGM, Midatech shareholders approved all key resolutions, including 1:20 share consolidation, change of trading name to Biodexa Pharmaceuticals and stock delisting from AIM. Midatech raised £5m in gross proceeds through a private placement, which we expect will be partially used to accelerate preclinical studies for MTD217. Lead asset MTX110 is in Phase I clinical studies in recurrent glioblastoma.
