Summary by Moomoo AI
Biodexa Pharmaceuticals PLC (BDRX.US) announced the successful exercise of previously issued warrants, resulting in approximately $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, initially priced at $2.20, were exercised at a reduced price of $1.50 per American Depositary Share (ADS). The ADSs are registered under an effective SEC registration statement (File No. 333-274895). In exchange for the cash exercise of the warrants, the holders received new unregistered Replacement Warrants to purchase additional ADSs. The Replacement Warrants have an exercise price of $2.50 per ADS and terms of one and five years. The net proceeds from the offering will be used...Show More