Biodexa completes ADR ratio change to 1:100,000 ordinary shares

LONDON - Biodexa Pharmaceuticals PLC (NASDAQ:BDRX), a micro-cap pharmaceutical company with a market capitalization of $25 million, announced Thursday that its previously announced American Depositary Receipt (ADR) ratio change has been completed effective July 31, 2025.

The clinical-stage biopharmaceutical company has modified its ADR ratio from one ADR representing 10,000 ordinary shares to one ADR representing 100,000 ordinary shares. For existing ADR holders, this change functions similarly to a one-for-ten reverse ADR split. According to InvestingPro data, the stock has faced significant challenges, declining 95% over the past year.

The exchange process occurred automatically upon implementation, with previously-held ADRs being cancelled and new ADRs issued by JPMorgan Chase Bank, N.A., which serves as the depositary bank for Biodexa’s ADR program.

The company confirmed that the total number of issued ordinary shares remains unchanged at 61,952,308,922. Following the ratio adjustment, the number of outstanding ADRs stands at 619,523.

This technical adjustment does not affect the company’s underlying business operations or total market capitalization. Biodexa continues to focus on developing treatments for diseases with unmet medical needs.

The information in this article is based on a press release statement from Biodexa Pharmaceuticals.

In other recent news, Biodexa Pharmaceuticals has initiated its Phase 3 clinical trial for eRapa, an oral tablet formulation aimed at treating Familial Adenomatous Polyposis (FAP). This trial, known as the "Serenta" study, has begun screening participants at its first U.S. clinical site, with plans to expand to several European countries. Additionally, Biodexa has enrolled the first patient in a Phase 2a clinical trial for Tolimidone, a potential treatment for type 1 diabetes, with the trial being conducted by the University of Alberta.

Furthermore, the company has filed a Clinical Trial Application with the European Medicines Agency for its Serenta trial, aiming to start patient enrollment in Europe by the fourth quarter of 2025. In corporate developments, Biodexa announced a change in the ratio of its American Depositary Receipts, effective July 31, 2025, and a reduction in the nominal value of its ordinary shares, following shareholder approval. These changes are part of the company’s updated Articles of Association, which have been filed with the SEC.

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