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Midatech Pharma acquires Q Chip to support novel delivery platforms and product developments in cancer, diabetes and ophthalmology
Q Chip has developed a complementary technology and products that allow sustained release of substances over extended periods of time and will provide a platform to incorporate Midatech’s gold nanoparticle (GNP) compounds for sustained and extended release. The Q Chip acquisition also adds further programmes in cancer and ophthalmology based on the sustained release platform to the Company’s existing portfolio in in cancer, diabetes and neuroscience.
Commenting on the transaction, Q Chip’s Chairman, Dr Simon Turton, and CEO, Dr Tim Sparey, said “We are delighted that Midatech and Q Chip will combine. The enlarged group will have complementary technologies, products and management with the potential to deliver further value for investors and new innovative products for patients.” Dr Turton will join the board of Midatech Pharma as the Senior Independent Non-executive Director and Dr Sparey will join Midatech as Chief Business Officer.
Q Chip has been funded to date by Finance Wales, Disruptive Capital Finance and individual investors including an angel syndicate including both Simon Turton and Non-executive Director, Ken Powell.
Dr Jim Philips, CEO of Midatech Pharma, said: “Midatech is progressing an exciting portfolio of product development programmes towards commercialisation based on our GNP technology platform for targeted drug delivery. The acquisition of Q Chip brings further value to our product offering, adding a complementary technology platform and a range of additional advanced product programmes that have the potential to deliver accelerated revenue streams. We also welcome the Q Chip team and look forward to advancing our platforms and products towards commercialisation.”
For more news abaout Midatech’s recent flotation on AIM, click here