On March 30, 2023, Biodexa Pharmaceuticals PLC announced the exercise of warrants and the issuance of equity. The drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines has issued 6,218,265 new ordinary shares of £0.02 each in the Company (“New Ordinary Shares”) to various investors. This has been done pursuant to exercise notices in respect of 1,243,653 B Warrants received the previous day. All A Warrants and B Warrants have now been exercised and all such warrants were exercised on a cashless basis.
Further details about the exercise of warrants and issuance of equity are set out in the Company’s circular dated 7 March 2023. The Company has made an application to the London Stock Exchange plc for the admission to trading on AIM of the New Ordinary Shares. This is expected to become effective and dealings commence at 8.00 a.m. on or around 5 April 2023 (“Admission”). The New Ordinary Shares will rank pari passu with the existing ordinary shares.
Upon the Admission of the New Ordinary Shares, the Company’s enlarged issued share capital will comprise 40,994,887 ordinary shares, each with voting rights. The Company does not hold any shares in treasury. From Admission, expected to take place on 5 April 2023, this figure of 40,994,887 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Biodexa Pharmaceuticals develops three in-house technology platforms, each with its unique mechanism to improve the delivery of medications to sites of disease. All of the Company’s technologies have successfully entered human use in the clinic, providing important validation of the potential for each platform. The Q-Sphera™ platform is a disruptive micro-technology used for sustained release to prolong and control the release of therapeutics over an extended period of time (from weeks to months). The MidaSolve™ platform is an innovative nanotechnology used to dissolve insoluble drugs so that they can be administered in liquid form directly and locally into tumors. The MidaCore™ platform is a leading-edge nanotechnology used for targeting medications to sites of disease.
The platform nature of the technologies offers the potential to develop multiple drug assets rather than being reliant on a limited number of programs. Biodexa’s technologies are supported by 36 patent families, including 120 granted patents and an additional 70 patent applications. Biodexa’s headquarters and R&D facility are in Cardiff, UK.
Stephen Stamp, CEO, CFO, Biodexa Pharmaceuticals PLC, commented, “We are pleased to announce the exercise of warrants and the issue of equity, which validates our investors’ confidence in our technologies and programs. The additional capital will enable us to continue the development of our programs and technologies and drive their commercialization. We are looking forward to the admission of the New Ordinary Shares, which will provide more liquidity to our shareholders and help us to reach a wider investor base.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended. The Company cautions that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.
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