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.
“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.