Biodexa Pharmaceuticals Plc's (BDRX) stock has risen by 157% on Monday following the announcement that it has secured the rights to tolimidone (formerly coded MLR-1023) from Adhera Therapeutics via an exclusive, worldwide, sub-licensable license from Melior Pharmaceuticals.
BDRX is trading on the Nasdaq at $7.32, up 173.61% or $4.64 per share. It has traded between $2.26 and $579.20 in the past 52-week period.
This license will allow Biodexa to develop, manufacture, commercialize, or otherwise exploit tolimidone.
As part of the agreement, Biodexa will make an upfront payment to Adhera and certain secured noteholders of Adhera, in the form of cash and the Company's American Depositary Shares. These parties are also eligible to receive additional payments, upon the attainment of certain milestones.
Additionally, the company has agreed to issue American Depositary Shares to Melior and Bukwang. Biodexa will pay single-digit tiered royalties on net sales of tolimidone.
Biodexa's plan is to develop tolimidone for the treatment of Type-1 diabetes (T1D). The Phase II study is expected to be a double-blind, placebo-controlled study with encouraging signals of ß cell proliferation in preclinical models
The transaction is expected to close in the fourth quarter of 2023.
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