- Drug delivery technology company Midatech Pharma reported narrower first-half losses following a fall in research and development costs.

For the six months ended 30 June 2021, pre-tax losses narrowed to £3.4 million from £17.9 million year-on-year, and revenue increased to £401,000 from £168,000 year-on-year.

Research and development costs decreased by 50% to £2.01 million as a 'result of the termination of MTD201 and focus on multiple earlier stage programmes,' the company said.

'Revenue in 1H21 was entirely comprised of income from R&D collaborations compared to £8,000 in the corresponding period last year. There was no grant income in 1H21 compared with £160,000 in 1H20,' the company said.

'Our current funding position buys us time and flexibility to convert opportunities into licenses and we are fully focused on meeting that challenge over the coming months,' it added.

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