Biodexa Pharmaceuticals - Foray into T1D expands business scope

Biodexa has completed the acquisition of global rights to tolimidone from Adhera Therapeutics after a successful $6m (gross proceeds) equity raise, conditional on at least $4m being subscribed for by Adhera secured noteholders. Tolimidone is a clinical-stage lyn kinase activator, which management plans to develop as a potentially disease-modifying treatment for type I diabetes (T1D), bolstering Biodexa's clinical pipeline and expanding its therapeutic focus beyond oncology. The deal closure follows Biodexa's completion of a $6m (gross proceeds) equity raise by issuing c 3m stock units at c $2/unit (including ADS/pre-funded warrants along with two attached warrants). The fund-raise is anticipated to support a planned Phase IIa trial in Q224, followed by a Phase IIb trial in Q424.

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