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Embattled Midatech Receives Lifeline From China To Save Cancer Candidate

 
• By Jo Shorthouse

A Chinese billionaire has invested in UK biotech Midatech and signed a licensing deal for an as yet unapproved carcinoid cancer drug, sending it much-needed backing just days after the company said it did not have enough cash to get it to the second half of the year.

Life belt
Midatech has been saved for now • Source: Shutterstock

Just days after its share price went south by 50%, UK biotech Midatech Pharma PLC has detailed plans that may save the development of its carcinoid cancer drug candidate. The arrangement will see a Chinese drug distributor take majority ownership of the firm.

In a trading update last week, the Oxford-based company said it had “very limited cash to enable it to continue...

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