Midatech H1 loss widens nearly 40% on increased costs, R&D spend
Midatech Pharma (AIM: MTPH) on Monday reported a widening of its first-half loss by almost 40% on the back of increased administrative costs, a charge of £0.09 million and research and development spending.
The expenditure includes £0.98 million in proposed acquisition costs for Dara BioSciences. The company warned it sees significant additional costs in in the second half from both Dara BioSciences' acquisition and Nasdaq listing.
The drugmaker reported a pretax loss of £5.3 million ($8.1 million) against £3.2 million a year ago. The cash balance stood at £24.34 million as on 30 June 2015.
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