US-listed shares of biotechnology company Midatech Pharma (NASDAQ: MTP) have surged premarket after the company announced positive results from its Phase 1 study in patients with Diffuse Intrinsic Pontine Glioma (DIPG).
The primary endpoint of the study into Midatech’s MTX110 drug was to determine the dosage that will be used in Phase 2 trials in patients with DIPG.
The company said that seven patients were involved in the Phase 1 study and that three patients remain alive, although, survival was not an endpoint and there can be no conclusions drawn on the impact of the drug on survival rates.
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“DIPG is a devastating pediatric brain cancer with limited treatment options and very poor outcomes. The overall survival data from this Phase I study are encouraging, although further study of MTX110 in DIPG is required to establish whether it can make a difference to these patients and their families,” said Steve Damment, Midatech’s Executive Vice President of R&D.
Midatech’s stock price is currently trading 37.50% higher premarket on Monday at $2.75 per share after Friday’s close at $2. Its London-listed shares have rallied 22% to 40.6p.
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