Midatech sees no reason for share surge

Midatech Pharma said it knew of no reason for a surge in its share price on Friday morning.

The drug delivery company's shares jumped by more than 70% in early trading to hit 79.90p. Midatech appointed advisers on 20 April to find a buyer or partner because it was unable to raise fresh capital.

Midatech said the sale process was going ahead and that there were no material updates.

The AIM-traded company said it "notes the recent movement in its share price and the company confirms that it knows of no operational or corporate reason for the share price move".

Midatech shares were up 8.7% to 50p 11:31 BST.