Midatech Pharma hires Quantuma to undertake contingency planning

The company said, "While the Company has sufficient cash resources to fund its operations until mid-March 2023 and the Board will seek to preserve its cash resources as far as practicable, it urgently requires a commitment for alternative sources of funding in advance of mid-March 2023 to be able to continue as a going concern and the Board are exploring options. There can be no guarantee that the Company will be able to find alternative sources of funding on a timely basis. If alternative funding is not available, the Directors believe that it is likely that the Company could be forced to enter into administration. The Board wishes to ensure that it is acting in the best interests of creditors and other stakeholders. Therefore, in light of today’s vote at the General Meeting and its financial position, the Company has appointed Quantuma Advisory Limited, a specialist business advisory firm, to undertake contingency planning and provide advice to the Board of Directors on appropriate actions."