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Midatech Survival Plan Scuppered By Shareholders

Investors Unconvinced About Proposed Bioasis Merger

 
• By Kevin Grogan

The UK firm's shareholders have not approved plans to acquire Bioasis, a decision that puts Midatech in a tricky situation as its cash will run out by mid-March.

Sand running through the bulbs of an hourglass measuring the passing time in a countdown to a deadline, on a dark background with copy space.
Time running out for Midatech • Source: Shutterstock

Midatech Pharma PLC’s hopes of survival have been badly damaged by its own shareholders who have voted against the UK firm's proposed merger with Bioasis Technologies, Inc..

With cash reserves rapidly dwindling, Midatech, which trades on the US NASDAQ and London's AIM market, thought it had secured its future after announcing a merger with Canada-headquartered Bioasis in December

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