Biodexa Pharmaceuticals PLC Announces Closing of $3.32 Million Registered Direct Offering
May 26 2023 - 4:05PM
26 May 2023
Biodexa Pharmaceuticals PLC Announces
Closing of $3.32 Million Registered Direct Offering
Biodexa Pharmaceuticals PLC (“Biodexa” or the “Company”) (NASDAQ:
BDRX), a clinical stage biopharmaceutical company developing a
pipeline of products aimed at primary and metastatic cancers of the
brain, today announced the closing of its previously announced
registered direct offering (the “Registered Direct Offering”) of
22,135,922 new American Depositary Shares (“the Registered ADSs”)
at a price of US$0.15 (equivalent to approximately US$0.03 per
ordinary share).
The net proceeds to Biodexa from the Registered Direct
Offering were approximately US$2.61 million (£2.11 million), after
deducting the placement agent’s fees and other estimated expenses.
The Company intends to use the proceeds for working capital and for
general corporate purposes. Following the Registered Direct
Offering, the Company is expected to have sufficient cash resources
to fund operations into the first quarter of 2024.
Ladenburg Thalmann & Co. Inc. acted as the
exclusive placement agent for the Registered Direct Offering.
In addition, subject to Biodexa shareholder
approvals, the purchasers will be issued (i) 33,203,883 Series C
warrants (the “Series C Warrants”) to purchase up to 33,203,883 new
American Depositary Shares (the “Series C Warrant ADSs”) and (ii)
22,135,922 Series D warrants (the “Series D Warrants” and, together
with the Series C Warrants, the “Warrants”) to purchase up to
22,135,922 new American Depositary Shares (the “Series D Warrant
ADSs” and, together with the Series C Warrant ADSs, the “Warrant
ADSs”), in a Private Placement (together with the Registered Direct
Offering, the “Offering”). The Warrants are exercisable at an
exercise price of US$0.20 per American Depositary Share. The Series
C Warrants will expire one year from the initial exercise date and
may be exercised on a cashless basis. The Series D Warrants will
expire five years from the initial exercise date and may be
exercised on a cashless basis if and only if the Company has not
filed a registration statement registering the Warrant Shares
underlying the Series D warrants within six months of the initial
exercise date.
The Registered ADSs referenced above were
offered pursuant to a shelf registration statement (File
No. 333‑267932) which became effective on 26 October
2022. A prospectus supplement and the accompanying prospectus
relating to the Registered Direct Offering has been filed with the
U.S. Securities and Exchange Commission (“SEC”).
Electronic copies of the prospectus supplement and the accompanying
prospectus may be obtained, when available, from the SEC’s website
at http://www.sec.gov or from Ladenburg Thalmann & Co. Inc., at
Attn: Prospectus Department, 640 Fifth Avenue,
4th Floor, New York, NY 10019 or by e-mail at
prospectus@ladenburg.com.
Pursuant to a registration rights agreement with
the investors, the Company has agreed to file one or more
registration statements with the SEC covering the resale of the
Warrant ADSs.
For more information, please contact:
Biodexa Pharmaceuticals PLC Stephen Stamp, CEO
and CFO Tel: +44 (0)29 20480 180 www.biodexapharma.com
Edison Group (US Investor Relations) Alyssa
Factor Tel: +1 (860) 573 9637 Email:
afactor@edisongroup.com
About Biodexa Pharmaceuticals PLC
Biodexa Pharmaceuticals PLC (listed on NASDAQ:
BDRX) is a clinical stage biopharmaceutical company developing a
pipeline of products aimed at primary and metastatic cancers of the
brain. The Company’s lead candidate, MTX110, is being studied
in aggressive rare/orphan brain cancer indications including
recurrent glioblastoma and diffuse midline glioma.
MTX110 is a liquid formulation of the histone
deacetylase (HDAC) inhibitor, panobinostat. This proprietary
formulation enables delivery of the product via convection-enhanced
delivery (CED) at potentially chemotherapeutic doses directly to
the site of the tumour, by-passing the blood-brain barrier and
avoiding systemic toxicity.
Biodexa is supported by three proprietary drug
delivery technologies focused on improving the bio-delivery and
bio-distribution of medicines. Biodexa’s headquarters and
R&D facility is in Cardiff, UK. For more information
visit www.biodexapharma.com.
Forward-Looking Statements
Certain statements in this announcement may
constitute “forward-looking statements” within the meaning of
legislation in the United Kingdom and/or United States. Such
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and are based on
management’s belief or interpretation. All statements
contained in this announcement that do not relate to matters of
historical fact should be considered forward-looking
statements.
Reference should be made to those documents that
Biodexa shall file from time to time or announcements that may be
made by Biodexa in accordance with the rules and regulations
promulgated by the SEC, which contain and identify other important
factors that could cause actual results to differ materially from
those contained in any projections or forward-looking
statements. These forward-looking statements speak only as of
the date of this announcement. All subsequent written and
oral forward-looking statements by or concerning Biodexa are
expressly qualified in their entirety by the cautionary statements
above. Except as may be required under relevant laws in the
United States, Biodexa does not undertake any obligation to
publicly update or revise any forward-looking statements because of
new information, future events or events otherwise arising.
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