Biodexa announces $7 million of gross proceeds from warrant exercises

May 22, 2024 biodexa pharmaceuticals plc (“biodexa” or the “company”) biodexa announces $7 million of gross proceeds from warrant exercises proceeds cover year 1 erapa phase 3 obligations, unlocking twice that amount in non-dilutive grant funding biodexa pharmaceuticals plc, (nasdaq: bdrx), an acquisition-focused clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs, announces $7 million of gross proceeds from the exercise of previously issued warrants and an agreement between the company and several accredited investors to exercise certain existing series e warrants (“series e warrants”) and series f warrants (“series f warrants,” and together with the series e warrants, the “existing warrants”) to purchase up to an aggregate of 4,358,322 of the company's american depositary shares (“adss) (each ads represents 400 ordinary shares, nominal value £0.001 of the company (“ordinary shares”)). stephen stamp, ceo and cfo, commented, “these funds will more than cover our first year obligation under the erapa phase 3 trial in familial adenomatous polyposis and, because the $17 million cprit grant includes a one-for-two match, will unlock twice that amount in non-dilutive funding.
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