Biodexa raised $7 million from warrant exercises to advance clinical stage assets

From GlobeNewswire: 2024-05-22 08:30:00

Biodexa Pharmaceuticals PLC announces $7 million in gross proceeds from warrant exercises, which will cover obligations for the eRapa Phase 3 trial and unlock additional non-dilutive grant funding. The funds were raised through the exercise of Existing Warrants by accredited investors to purchase American Depositary Shares of the Company. These proceeds will support the development of innovative products for diseases with unmet medical needs. Ladenburg Thalmann & Co. Inc. served as the exclusive placement agent for the transaction, and total voting rights for the Company now stand at 4,127,615,322 Ordinary Shares. Biodexa is focused on advancing its clinical stage assets and securing working capital for future growth and development. The Replacement Warrants issued in connection with this transaction will help support the Company’s ongoing research and development efforts. CPRIT, the Cancer Prevention and Research Institute of Texas, has provided significant funding for cancer research and prevention, with over $3 billion awarded to date. Biodexa Pharmaceuticals PLC is listed on NASDAQ under the ticker symbol BDRX and is focused on developing treatments for a variety of diseases, including Familial Adenomatous Polyposis and Non Muscle Invasive Blader Cancer. Their lead development programs include eRapa, tolimidone, and MTX110, each targeting different medical conditions with innovative therapies. The Company is supported by proprietary drug delivery technologies and is headquartered in Cardiff, UK.



Read more at GlobeNewswire: Biodexa Announces $7 Million of Gross Proceeds from Warrant