Midatech Pharma (NASDAQ:MTP) is on a sweet spot this Friday as the business lifted the veil on its most recent clinical trial, yielding results that were commendable.
The United Kingdom-based biopharmaceutical organization said it brought in “positive” results after the first in-human study of its diabetes vaccine. The substance in questions is its MTX102 immuno-tolerising candidate that may have the potential of helping the lives of those who suffer from Type 1 diabetes.
Midatech’s early success in this matter propelled the brand’s trading volume forward as 2.9 million shares exchanged hands, which is many times higher than its full-day average of about 88,000 shares. The company conducted the study by bringing forth five Type 1 diabetes patients in the phase 1 study–this study was designed to determine the safety of MTX102.
“MTX102 was well tolerated, with asymptomatic local injection site reactions being the only drug-related finding, and no serious adverse events were reported,” the company wrote.
MTP stock is up about 30.8% during regular trading hours today following this news, lifting the share price to $1.70 per share after starting the day with a price of $1.30 per share. Midatech now has a market cap of roughly $32.46 million.
However, the MTP per-share price is still far from its 2019 peak of $7.90 that it experienced back in February 27.