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CARDIFF, UK - Biodexa Pharmaceuticals PLC (NASDAQ:BDRX), a biopharmaceutical company focused on developing treatments for diseases with unmet medical needs, today announced the appointment of Precision for Medicine, LLC as the clinical research organization (CRO) to oversee the European component of its upcoming Phase 3 study for eRapa in Familial Adenomatous Polyposis (FAP). According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.16, though it’s experiencing rapid cash burn as it advances its clinical programs. The U.S. part of the trial will be conducted by LumaBridge.
The international Phase 3 trial, expected to launch next quarter, will be a double-blind placebo-controlled study involving 168 patients. The trial will be randomized in a 2:1 ratio of drug to placebo and is planned to span approximately 30 clinical sites across the U.S. and Europe. With a market capitalization of just $2 million and trading near its 52-week low, InvestingPro analysis suggests the stock may be undervalued, though investors should note the company’s weak overall financial health score.
FAP is a hereditary condition that causes cancerous polyps to form in the large intestine. eRapa, an oral tablet formulation of rapamycin, is designed to inhibit mTOR, a protein that plays a significant role in cell growth and proliferation, and is linked to tumorigenesis in FAP polyps. Rapamycin is already approved in the U.S. for organ rejection prevention in kidney transplants, and eRapa aims to improve upon the existing formulation’s bioavailability and reduce toxicity.
Precision for Medicine, specializing in rare diseases, brings over two decades of experience to the project, with a team of over 700 in Europe and a track record of 333 clinical trials in rare diseases.
Biodexa’s pipeline includes other potential treatments, such as tolimidone for type 1 diabetes and MTX110 for rare brain cancers. The company is also known for its drug delivery technologies aimed at enhancing bio-delivery and bio-distribution of medicines. While revenue declined 84% in the last twelve months, InvestingPro subscribers have access to 12 additional key insights about BDRX’s financial outlook and market position.
This announcement includes forward-looking statements, which involve risks and uncertainties. These statements are based on current expectations and projections about future events. The actual outcome could differ materially from those anticipated in such statements due to various factors.
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