Midatech Pharma (LON:MTPH, NASDAQ:MTP) said the business has the potential to generate double digit top-line growth this year as revenues increased significantly in 2016.
Total reported sales were £9mln, up from just £1.4mln in 2015.
Dr Jim Phillips, chief executive of the speciality pharma company, said he was pleased with progress and the success of the firm’s “diversified strategy, multiple sources of revenue and innovative R&D pipeline”.
He added the £16mln the company raised in November would help propel the company towards profitability.
Midatech is all about delivery. Its two platforms – carbohydrate-coated gold nano-particles and its sustained release system – are about getting medicines to the right place in the right quantities at the right time.
The company's gold nano-particles, or GNPs for short, promise a revolution in targeted therapies for cancer.
To radically simplify, the process deploys these GNPs to act as guided missiles.
In treating cancer with traditional chemo-therapy, for instance, they are programmed to hit only a specific tumour type with their payload.
This highly targeted approach allows physicians to potentially administer lower doses and it also means there is little collateral damage.
Its Q-Sphera technology works in a different way to deliver the drug at the right time.
It is a sustained release platform and has adopted 3D and ink jet printing techniques to create particles that dissolve in a certain way over a certain time-scale.
Midatech has an in-house nano-particle manufacturing facility, which is believed to be the first of its kind in Europe. This state-of-the-art facility, based in Bilbao, Spain, allows the company to rapidly develop and execute projects. It also avoids the reliance on external partners.
CEO has his say
On the latest trading statement, boss Phillips said: "We are pleased with the group's progress in 2016.
“Our established US commercial presence has the potential to deliver double-digit top-line growth in 2017 and our fully integrated R&D pipeline with two platform technologies continues to progress well.
“Funds raised in November provide capital to take the company towards profitability and we continue to invest in the pipeline, manufacturing and commercial platforms.”