Biodexa CEO Issues Shareholder Letter Highlighting Progress in 2023 and Expected Milestones in 2024

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

Biodexa CEO Issues Shareholder Letter Highlighting Progress in 2023
and Expected Milestones in 2024

CARDIFF, United Kingdom, Jan. 22, 2024 (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 including Type 1 diabetes and rare / orphan brain cancers, today announced that Stephen Stamp, CEO and CFO of Biodexa, has issued a Shareholder Letter highlighting the Company’s progress in 2023 and expected milestones in 2024. The full text of the letter follows:

Dear Shareholders,

I thought now would be a good time to review our Company’s progress in 2023 and our plans and expected milestones for 2024, the latter being set out in the following graphic:

Last year proved to be a year of transition for our Company. We started the year as dual-listed drug delivery company called Midatech Pharma with a single clinical asset and we finished the year as a NASDAQ-listed, multi-asset therapeutics company re-named Biodexa Pharmaceuticals. In December 2023, we completed an in-licensing of a new, potentially disease modifying, orally delivered clinical stage molecule for Type I diabetes, an unmet medical disease. Outside of the recent FDA approval of Tzield, developed by Provention Pharma and subsequently acquired by Sanofi (NASDAQ: SNY) for $2.9 billion, there have been limited options for the treatment of Type 1 diabetes other than exogenous insulin. Tzield has a different, but potentially complementary, mode of action to tolimidone.

Looking at our programs one by one ….

TOLIMIDONE

We were delighted to finish the year with the in-licensing of tolimidone, a Phase II ready asset which we plan to develop for Type 1 diabetes, a genetically-driven disease where an autoimmune reaction destroys the pancreatic β-cells which produce the insulin that regulates plasma glucose levels. Originally discovered by Pfizer, it comes with an extensive preclinical and toxicology data package and has been exposed to over 700 patients, including in Type 2 diabetes. Tolimidone is an activator of lyn kinase which has been shown to play a significant role in cell proliferation, differentiation, apoptosis, migration and metabolism. We have already commissioned experiments at a CRO and expect to announce data from an in vitro study of β-cell survival and proliferation in a validated model in the first quarter of 2024.