Summary by Moomoo AI
Biodexa Pharmaceuticals PLC announced the successful exercise of existing Series E and Series F warrants, resulting in $7 million in gross proceeds. The funds will primarily cover the first year of the eRapa Phase 3 trial in Familial Adenomatous Polyposis (FAP), unlocking additional non-dilutive grant funding. The exercised warrants had initial exercise prices of $2.20, reduced to $1.50 per American Depositary Share (ADS). The ADSs are registered with the SEC, and the warrant holders received new unregistered Replacement Warrants exercisable at $2.50 per ADS. The proceeds will advance clinical assets and for general corporate purposes. The announcement also highlighted positive Phase 2 clinical trial results of eRapa in FAP, which will be presented at the 2024 Digestive Disease Week. The trial showed a significant decrease in...Show More