Biodexa Announces Pricing of $5.2 Million Underwritten Public Offering

Biodexa Pharmaceuticals PLC
(“Biodexa” or the “Company”)

CARDIFF, United Kingdom, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Biodexa Pharmaceuticals PLC, (Nasdaq: BDRX), a clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs, today announced the pricing of an underwritten public offering of units.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with the offering.

The underwritten public offering is comprised of (a) 697,614 Class A Units (the “Class A Units”), with each Class A Unit consisting of (i) one Depositary Share (representing 400 of the Company’s ordinary shares, nominal value £0.001 per share, the “Ordinary Shares”), (ii) one Series E warrant to purchase one Depositary Share at an exercise price of $2.20 per share, which will expire on the five-year anniversary of the initial exercise date (each a “Series E Warrant”), and (iii) one Series F warrant to purchase one Depositary Share at an exercise price of $2.20 per share, which will expire on the one-year anniversary of the initial exercise date (each a “Series F Warrant,” and together with the Series E Warrants, the “Warrants”), with each Class A Unit offered to the public at an offering price of $2.00 per Class A Unit, and (b) 1,911,176 Class B Units (the “Class B Units”, and collectively with the Class A Units, the “Units”), with each Class B Unit consisting of (i) one pre-funded warrant (the “Pre-Funded Warrants”), exercisable for one Depositary Share, (ii) one Series E Warrant, and (iii) one Series F Warrant, with each Class B Unit offered to the public at an offering price of $1.9999 per Class B Unit.

Each Pre-Funded Warrant has an exercise price per share equal to $0.0001. The Pre-Funded Warrants are exercisable at any time after the initial exercise date until exercised in full and they do not expire. Each Series E Warrant and Series F Warrants has an exercise price per share equal to $2.20. The Series E Warrants and Series F Warrants are immediately exercisable upon issuance and will expire on the fifth and first anniversary, respectively, of their respective initial exercise date. The Pre-Funded Warrants and warrants issued in this offering are fixed priced and do not contain any variable pricing, resets, alternative cashless exercise or price based anti-dilution features.