Midatech Pharma enters deal with Ophthotech

UK nanomedicine company Midatech Pharma (AIM: MTPH) has entered into an agreement with US biotech firm Ophthotech (Nasdaq: OPHT),a biopharmaceutical company specializing 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 of Midatech believe that the agreement underpins a significant amount of the market forecasts of revenue for 2015. Midatech is currently in the process of acquiring USA-based Dara Biosciences (Nasdaq: DARA) for up to £19.5 million ($30.2 million; The Pharma Letter August 12).

Commenting on the collaboration, Jim Philips, chief executive 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.”