LONDON Midatech Pharma Ltd. is preparing for an initial public offering (IPO) in which it will raise £30 million (US$47 million) to fund phase I development of its gold nanoparticle needle-free insulin delivery system and the expansion of its technology into the targeted delivery of chemotherapy drugs.
The company also intends to move up the size scale, with an agreement to acquire microparticle drug delivery specialist Q Chip Ltd., as part of the overall listing plan.
Fresh from a day of roadshows, Jim Phillips, CEO, told BioWorld Today, "I think we're comfortable; the response so far is very positive."
Midatech previously raised $16 million in its first round of venture capital in November 2013. Before that the Abingdon, UK-based company had been funded largely by high net worth individuals, since its