LONDON (ShareCast) - (ShareCast News) - Shares soared in Midatech after the oncology pharmaceuticals firm said it has the potential to deliver double-digit growth in 2017 and expects to report a significant increase in revenue for 2016.
The AIM-listed company expects to report revenue of £9m for the 2016 calendar year, which is higher that the £1.4m reported in 2015, largely due to its research and development pipeline of products and multiple sources of revenue.

Chief executive Dr Jim Phillips, said: that the company's commercial presence in the has the potential to deliver double top-line growth in 2017, and that its research and development pipeline, which has two platform technologies in it, continues to progress well.

In November 2016, the company raised equity in order to take the company "towards profitability" as it invests in its pipeline, manufacturing and commercial platforms.

Midatech's preliminary results for the 2016 calendar year will be published in April.

Shares in Midatech Pharma were up 13.52% to 143.04p at 0844 GMT.

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