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CARDIFF - Biodexa Pharmaceuticals PLC (NASDAQ:BDRX), a clinical-stage biopharmaceutical company with a current market capitalization of $3.3 million, announced Wednesday that shareholders approved all four resolutions presented at its General Meeting held today. According to InvestingPro data, the company maintains a weak financial health score of 1.42, though it holds more cash than debt on its balance sheet.
The approved measures include reducing the nominal value per ordinary share, while maintaining the current number of outstanding shares, according to a company press release. Shareholders also granted directors authority to allot ordinary shares on a non-pre-emptive basis. Trading at $1.13 per share, InvestingPro analysis suggests the stock is currently undervalued, though the company is quickly burning through its cash reserves.
Biodexa, a clinical stage biopharmaceutical company, is developing several products targeting diseases with unmet medical needs. Its development pipeline includes eRapa for Familial Adenomatous Polyposis and Non-Muscle Invasive Bladder Cancer, tolimidone for type 1 diabetes treatment, and MTX110 for rare brain cancer indications.
The company describes eRapa as an oral tablet formulation of rapamycin (sirolimus), an mTOR inhibitor that regulates cellular metabolism and growth. Tolimidone functions as an inhibitor of Lyn kinase, potentially becoming a first-in-class blood glucose modulating agent. MTX110 is a formulation of the histone deacetylase inhibitor panobinostat, designed for direct tumor site delivery.
Biodexa maintains its headquarters and research facility in Cardiff, UK.
The full text of the resolutions can be found in the Notice of the General Meeting on the company’s website.
In other recent news, Biodexa Pharmaceuticals has announced significant developments in its ongoing efforts to advance treatments for familial adenomatous polyposis (FAP). The company received an additional $3 million grant from the Cancer Prevention & Research Institute of Texas to support the Phase 3 trial of eRapa, a promising drug candidate for FAP. This funding brings the total contribution to the trial to $20 million, facilitating its final implementation stage across clinical sites in the U.S. and Europe. Biodexa has also adjusted the exercise price of certain outstanding warrants, leading to the issuance of additional American depositary shares, which will account for approximately 7.5% of the company’s issued ADSs. Furthermore, the European Commission has granted Orphan Drug Designation to eRapa, following a similar designation by the U.S. FDA, which is expected to aid in drug development through benefits like protocol assistance. The company’s eRapa drug has also been granted Fast Track designation by the FDA, allowing for expedited review and development. Biodexa’s commitment to advancing eRapa’s development is underscored by the appointment of clinical research organizations to oversee the upcoming Phase 3 trial. These developments highlight Biodexa’s progress in addressing the unmet medical needs of FAP patients.
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