Midatech Pharma (MTP) shares soared Thursday after the U.K.-based biotechnology company announced a "breakthrough" in the development of its specialized technology that can form proteins into long-lasting injectable drug therapies.
Midatech Pharma's American depositary receipts were up 52.46% at $3.11 on the Nasdaq after the company said that in-vitro data show the potential of its Q-Sphera technology to formulate proteins into long-acting injectable products.
Q-Sphera is a technology that employs proprietary 3D printing techniques to encapsulate drugs in microspheres which may be injected to form depots in the body that release the drug over predictable, sustained periods from one week to several months.
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“A significant number of latest generation medicines are protein based and reformulation as long-acting injectables could provide significant benefits to patients, physicians and payors," the company said in a statement, adding that the results are a “breakthrough” that to date no other commercial or academic organization has been able to successfully replicate.
“The company believes no other commercial or academic organization has been able to successfully deliver therapeutic proteins over extended periods using methods capable of commercial scaling,” Midatech said, noting that sales of monoclonal antibody formulations, or mAbs,were $154 billion globally in 2020.
The U.K. biotechnology company, which also is listed on London's AIM market, said its next steps will be to further optimize the drug loading and dissolution profile for encapsulated monoclonal antibodies.
Among other developments, the company also has begun discussions with potential licensing partners for MTD211, a treatment for schizophrenia marketed under the brand name Rexulti.
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