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Midatech Pharma signs Ocular Agreement with Ophthotech
– Development of sustained delivery formulations for rapidly growing ophthalmology market
– Underpins Midatech’s financial guidance for 2015
Midatech Pharma (AIM: MTPH), the international specialty pharmaceutical company with a diversified portfolio of high-value products in development, today announced an agreement with Ophthotech Corporation (NASDAQ: OPHT), a biopharmaceutical company specialising in the development of novel therapeutics to treat back of the eye diseases, to explore the feasibility of using Midatech’s Q Sphera microencapsulation technology for sustained delivery formulations of select Ophthotech products for the treatment of wet Age-related Macular Degeneration and other ocular indications.
While the financial terms of the agreement are not disclosed the Directors believe that the agreement underpins a significant amount of the market forecasts of revenue for 2015.
Commenting on the collaboration, Dr. Jim Philips, CEO of Midatech Pharma, said: “Drug delivery technology partnering is one of our three core strategies and this agreement with Ophthotech is a perfect fit for Midatech. Using our unique R&D and production facilities in Wales and Spain we will continue, in line with strategy, to generate early revenues to help drive the Group towards financial self-sustainability.”