Biodexa Pharmaceuticals PLC-ADR BDRX shares are trading lower by 6.8% to $4.76 Tuesday morning after the company announced an offering of 1,397,849 Class A Units at an assumed public offering price of $2.79 per Class A Unit in a preliminary prospectus.
The company on Monday announced it had acquired the rights to tolimidone, an experimental drug initially developed by Pfizer Inc. for gastric ulcers. The stock closed 83% higher Monday following the news.
What Else?
Biodexa found that tolimidone, which activates the lyn kinase enzyme, might help treat Type-1 diabetes by protecting and encouraging insulin-producing beta cells. They're gearing up for a Phase II study in Type-1 diabetes patients to validate its effectiveness.
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Biodexa's deal with Adhera involves an upfront payment and further payments based on milestones. Biodexa commits to issuing shares to Melior and Bukwang and offering royalties on tolimidone sales.
The transaction depends on specific conditions and aims to conclude in fourth-quarter 2023.
According to data from Benzinga Pro, BDRX has a 52-week high of $579.20 and a 52-week low of $2.26.
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