Yesterday afternoon Midatech announced receipt of a purported legal termination of its MTX110 Licence Agreement between Secura Bio Inc. (SecuraBio’) and its subsidiary, Midatech Limited. Midatech considers this to be wholly incorrect and entirely without merit.
Indeed, Midatech presently has three ongoing clinical trials of MTX110 in accordance with this Agreement and has specifically stated its plans to use the proceeds of the £4.3 million fundraising announced on 18 May 2020 to continue to fund its clinical programme in diffuse intrinsic pontine glioma (‘DIPG’).
In response, the Group has invited Secura Bio to immediately withdraw its unsupported letter and indicated that it will vigorously pursue any and all remedies available to it, including claims for monetary damages based on and resulting from its action.
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