Having just avoided going into administration, the firm formerly known as Midatech has pivoted its business model from a drug delivery company to a therapeutics player and has hit the acquisition trail.

The UK firm's shareholders have not approved plans to acquire Bioasis, a decision that puts Midatech in a tricky situation as its cash will run out by mid-March.

The privately owned company currently earns most of its revenues in respiratory medicine in Europe, but has set its sights on expanding in rare diseases and the US market.

With just enough cash to stay afloat until the first quarter, Midatech is linking up with US-based, Canada-listed Bioasis to create a new rare disease player, Biodexa.