- Drug delivery technology company Midatech Pharma posted a full-year loss after it terminated its lead development programme and closed its operations in Bilbao, Spain.

Pre-tax losses for the year through December amounted to £10.9m, compared to losses of £12.4m on-year.

Revenue fell to £0.7m, down from £1.9m, partly owing to lower grant revenue.

'This has been an extremely difficult period for Midatech with the termination of in-house development of our lead programme, closure of our Bilbao operations and the loss of 47 jobs, over two-thirds of our employees,' chief executive Stephen Stamp said.

'I should like to recognise the professionalism of the team in making these difficult decisions and the grace with which they have been accepted.'

'Our focus now is to evaluate all available options for extracting maximum value from Midatech's platform technologies.'

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