Core Insights - Biodexa Pharmaceuticals PLC reported its interim results for the six months ended June 30, 2024, highlighting significant advancements in its clinical pipeline and financial activities [1]. Operational Highlights - The company secured exclusive worldwide licensing of eRapa™, a Phase 3 ready asset targeting Familial Adenomatous Polyposis (FAP), along with access to a 6.05 million from the exercise of Series E and Series F warrants, resulting in the issuance of 4.4 million American Depositary Shares (ADSs) [6]. - Research and Development (R&D) costs decreased to £2.19 million in 1H24 from £2.25 million in 1H23, reflecting reduced spending on the MAGIC-G1 study and lower personnel costs [7]. - Administrative costs also decreased to £2.03 million in 1H24 from £2.29 million in 1H23, attributed to favorable foreign exchange reversals and reduced professional fees [8]. - The company reported a net cash outflow from operating activities of £4.81 million in 1H24, compared to £3.88 million in 1H23, with a cash balance of £5.06 million as of June 30, 2024 [8][48]. R&D Update - Following the licensing of eRapa, Biodexa's development pipeline expanded to six programs, four of which are focused on orphan indications [23]. - eRapa is designed to improve the bioavailability and reduce toxicity associated with existing forms of rapamycin, with patent protection extending through 2035 [23]. - The Phase 3 registrational study for eRapa in FAP is planned to recruit approximately 150 high-risk patients, with a primary endpoint of progression-free survival [28]. Financing Activities - The company raised 17 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) for the upcoming Phase 3 study of eRapa [9].
Interim results for the six months ended June 30, 2024