Biodexa Pharmaceuticals PLC (BDRX), a clinical-stage biopharmaceutical company, announced the pricing of a $0.8 million registered offering, a $1 million concurrent private placement and a $1.7 million warrant inducement utilising existing share capital authorities.
The registered offering consists of 0.28 American Depositary Shares (ADS) or pre-funded warrants at an offering price of $2.85 per ADS. The private offering consists of pre-funded warrants to purchase 0.351 million ADSs at a combined offering price of $2.845 per pre-funded warrant.
The aggregate gross proceeds are expected to be approximately $3.5 million. The offerings are expected to close on or about July 1, 2026.
The company intends to use the net proceeds to fund its development programs, working capital, and other general corporate purposes.
Considering the immediate exercise of existing warrants for cash, the company agreed to reduce the exercise price of the existing warrants to $2.85 and, subject to shareholder approval, issue new unregistered Series O warrants to purchase an aggregate of 1.22 million ADS.
In addition, subject to shareholder approval, the investor will be issued,
-Series M warrants to purchase up to 0.28 million ADSs in connection with the registered offering.
-Series N warrants to purchase up to 0.70 million ADS in relation to the private offering.
-Series O warrants to purchase up to 1.22 million ADS in connection to warrant inducement.
Each warrant has an exercise price of $2.85 per ADS and is not exercisable until the company obtains shareholder approval, and it will expire 5 years from the date of approval.
Maxim Group LLC is acting as the sole placement agent and warrant inducement agent for the offerings.
The company's lead development programs include eRapa, under development for Familial Adenomatous Polyposis and Non-Muscle Invasive Bladder Cancer; MTX240, under development for Gastrointestinal Stromal Tumours (GIST); and Tolimidone, under development for the treatment of type 1 diabetes.
BDRX has traded between $2.45 and $66.50 over the last year. The stock closed Tuesday's trade at $2.91, up 2.11%.
In the overnight market, BDRX is down 3.09% at $2.82.
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