General meeting result
Professional Business Advisory Firm – Quantuma Appointed
Abingdon, Oxfordshire / Accesswire / 23 January 2023 / Midatech Pharma PLC (AIM:MTPH.L) (NASDAQ:MTP), a drug delivery technology company focused on improving the biodelivery and biodistribution of pharmaceuticals, announced today at a general meeting of announced that the ordinary resolution of However, all other resolutions were not passed by shareholders, as shown in the table below. Some resolutions were conditional, so only Resolution 4 (General Authority to Allocate Securities) was passed. Accordingly, the proposed acquisition of Bioasis Technologies, Inc. and related proposed transactions, including name changes, will not proceed.
The Company has sufficient cash resources to fund its operations through mid-March 2023, and the Board of Directors will seek to maintain those cash resources as practicable. We urge you to secure alternative funding sources in advance. It is able to continue as a going concern and the board is considering options. There is no guarantee that we will find alternative funding sources in a timely manner. If alternative funds are not available, the Directors believe that it is likely that the Company will be forced to administer.
The Board wants to ensure that we are acting in the best interest of our creditors and other stakeholders. Therefore, taking into account the votes cast at today’s shareholders’ meeting and the financial situation, the Company has appointed Quantuma Advisory Limited, a professional business advisory firm, to implement contingency plans and advise the Board on the appropriate course of action. provided.
Further announcements will be made as needed.
Capitalized terms shall have the same meaning as set forth in the Company Circular dated January 5, 2023.
Here are the votes received on the resolution:
| Resolution |
for
|
Against
|
|||
| 1. | The directors have the authority to allocate the trading shares | 24,144,874 |
62.53%
|
14,470,936 |
37.47%
|
| 2. | The directors have the authority to allot shares in connection with the issuance of new options, new warrants and bioassist warrants; | 24,089,977 |
62.37%
|
14,532,883 |
37.63%
|
| 3. | that the directors have the authority to allocate Crescent shares; | 24,088,252 |
62.37%
|
14,534,708 |
37.63%
|
| Four. | Directors generally have the power to allocate shares | 24,130,299 |
62.48%
|
14,490,436 |
37.52%
|
| Five. | the power of the directors to override any statutory pre-emption clause in connection with the approval of the allotment of shares; | 24,132,442 |
62.64%
|
14,393,018 |
37.36%
|
| 6. | the power of the directors to override any statutory pre-emption clause in connection with the approval of the allotment of shares; | 24,076,820 |
62.49%
|
14,451,140 |
37.51%
|
| 7. | the power of the directors to override any statutory pre-emption clause in connection with the approval of the allotment of shares; | 24,079,017 |
62.50%
|
14,446,718 |
37.50%
|
| 8. | the power of the directors to override any statutory pre-emption clause in connection with the approval of the allotment of shares; | 24,075,567 |
62.50%
|
14,447,393 |
37.50%
|
| 9. | Its Midatech Pharma Plc changes its name to Biodexa Pharmaceuticals PLC | 24,711,795 |
64.03%
|
13,883,040 |
35.97%
|
The total number of voting rights cast represents approximately 35.6% of the Company’s issued share capital.
This announcement contains internal information for the purposes of Article 7 of Market Abuse Regulation (EU) 596/2014. This regulation forms part of UK national law by way of the European Union (Revocation) Act 2018 (Amendment).
For more information, please contact:
|
Midatec Pharma PLC
|
|
Stephen Stamp, CEO, CFO
|
|
Phone: +44 (0)29 20480 180
|
|
www.midatechpharma.com
|
|
Strand Hanson Limited (Nominee Advisor)
|
|
James Dance / Matthew Chandler / Rob Patrick
|
|
Phone: +44 (0)20 7409 3494
|
|
Turner Pope Investments (TPI) Ltd (Joint Broker)
|
|
Andrew Tucker / James Pope
Phone: +44 (0)20 3657 0050
|
|
IFC Advisory Limited (Financial PR and UK IR)
|
|
Tim Metcalfe / Graham Herring
|
|
Phone: +44 (0)20 3934 6630
|
|
Email: midatech@investor-focus.co.uk
|
|
edison group (U.S. Investor Relations)
|
| Alyssa Factor |
| Phone: +1 (860) 573 9637 |
| Email: afactor@edisongroup.com |
About Midatech Pharma
Midatech Pharma PLC (dually listed on LSE AIM: MTPH; and NASDAQ: MTP) is a drug delivery technology company focused on improving the biodelivery and biodistribution of pharmaceuticals. We combine our approved and investigational medicines with our unique and innovative drug delivery technologies to provide compelling products with the potential to have a powerful impact on patients’ lives.
The company has developed three in-house technology platforms, each with unique mechanisms to improve drug delivery to disease sites. All of the company’s technologies have been successfully used in clinical humans, providing significant validation of the potential of each platform.
- Q-Sphera™ Platform: A disruptive microtechnology used for sustained release to extend and control the release of therapeutics over extended periods of time (weeks to months).
- MidaSolve™ Platform: An innovative nanotechnology used to solubilize insoluble drugs so that they can be administered directly and locally to tumors in liquid form.
- MidaCore™ Platform: Cutting-edge nanotechnology used to target drugs to disease sites.
The platform nature of the technology offers the potential to develop multiple drug assets rather than relying on a limited number of programs. Midatech’s technology is supported by 36 patent families, including 120 granted patents and an additional 70 of his patent applications. Midatech’s headquarters and R&D facility are located in Cardiff, UK. For more information, please visit www.midatechpharma.com.
Forward-Looking Statements
Certain statements in this announcement may constitute “forward-looking statements” within the meaning of the UK and/or US Private Securities Litigation Reform Act. All statements contained in this announcement that do not relate to historical fact should be considered forward-looking statements.
In some cases, forward-looking statements may involve the use of words such as “plans,” “expects,” “does not expect,” “believe,” or variations of such words or phrases, or specific actions, An event or outcome “could”, “could”, “could”, “could” or “taken”, “occurred” or “achieved” . Forward-looking statements and information are subject to various known and unknown risks and uncertainties. Many of which are beyond Midatech’s ability to control or predict and may cause actual results, performance or achievements to differ materially from those expressed or implied. It is made based on assumptions regarding such risks, uncertainties and other factors mentioned herein.
In accordance with the London Stock Exchange AIM Rules for Business (“AIM Rules”), Disclosure and Transparency Rules (“DTR”), you should refer to documents filed by Midatech from time to time or announcements that Midatech may make. I have. ) and the rules and regulations promulgated by the U.S. Securities and Exchange Commission. It includes and identifies other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or about Midatech are expressly qualified by the cautionary statement set forth above. Midatech undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the AIM Regulations or the DTR, or relevant UK or US law. I don’t owe you. occur.
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sauce: Midatec Pharma PLC
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