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Biodexa Prices Direct Offering, Private Placement

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Biodexa Pharmaceuticals (BDRX) said Tuesday it has priced its offerings of a $0.8 million registered offering, a $1.0 million private placement, and a $1.7 million warrant inducement.

The registered offering consists of 282,952 American depositary shares, or pre-funded warrants in lieu, at $2.85 per ADS, it said. The placement consists of pre-funded warrants to buy 350,877 ADSs at $2.8499 per pre-funded warrant.

For the immediate exercise of existing warrants, the firm said it agreed to reduce the exercise price of its existing warrants to $2.85 and, subject to shareholder approval, issue new Series O warrants to buy about 1.2 million ADSs.

Biodexa said it will also issue warrants to investor in direct offering and private placement. The offerings are expected to close July 1.

Net proceeds will be used for development programs, working capital and other general corporate purposes, the company said.

Shares were down over 5% in morning trading.

Price: $2.69, Change: $-0.17, Percent Change: -5.79%

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