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NEW YORK - Biodexa Pharmaceuticals PLC (NASDAQ:BDRX), whose stock has declined nearly 76% over the past six months according to InvestingPro data, announced Tuesday it will change the ratio of its American Depositary Receipts (ADRs) effective July 31, 2025.
The clinical-stage biopharmaceutical company, which maintains a stronger cash position than debt on its balance sheet but shows a weak overall financial health score according to InvestingPro analysis, will modify its ADR ratio from one ADR representing 10,000 ordinary shares to one ADR representing 100,000 ordinary shares.
Under the ratio change, ADR holders will be required to surrender their existing ADRs for cancellation and will receive one new ADR for every ten old ADRs. JP Morgan Chase Bank, the company’s depositary, will contact ADR holders to arrange the exchange.
No fractional ADRs will be issued, with aggregate fractions to be sold and net proceeds distributed to entitled ADR holders. The company’s ordinary shares will not be affected by this change.
The ratio adjustment will effectively function as a one-for-ten reverse ADR split, aimed at bringing Biodexa’s ADR price into compliance with Nasdaq’s $1.00 minimum bid price requirement, though the company noted it cannot guarantee this outcome.
The new ADRs will trade under CUSIP number 59564R880, replacing the previous CUSIP 59564R807.
This announcement was made via a company press release statement.
In other recent news, Biodexa Pharmaceuticals has made significant strides in its clinical trials and financial strategies. The company filed a Clinical Trial Application with the European Medicines Agency for its Phase 3 Serenta trial targeting familial adenomatous polyposis (FAP). This trial will be conducted across several European countries, with patient enrollment expected to begin in late 2025. Additionally, Biodexa has enrolled the first patient in a Phase 2a trial for Tolimidone, aimed at treating type 1 diabetes, in collaboration with the University of Alberta.
In financial news, Biodexa shareholders approved all resolutions at a recent general meeting, including a reduction in the nominal value of ordinary shares. This change is reflected in the company’s new Articles of Association. Furthermore, the Cancer Prevention & Research Institute of Texas awarded an additional $3 million grant to support the Phase 3 program of eRapa, Biodexa’s candidate for FAP treatment. This brings CPRIT’s total contribution to the program to $20 million.
The company’s CEO, Stephen Stamp, expressed gratitude for the continued support from CPRIT and highlighted the potential impact of these developments. These recent activities underscore Biodexa’s ongoing efforts to advance its clinical programs and strengthen its financial position.
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