Biodexa Pharmaceuticals - In a period of transition
FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist, and the implementation of cost-saving initiatives in light of the macroeconomic environment. The pipeline expansion primarily de-risks the business, partially fulfilled with the acquisition of lyn kinase activator tolimidone, for type 1 diabetes (T1D), in late 2023. Management estimates gross cash of £5.97m at end-FY23 to provide a runway into Q424, past the planned Phase IIa trial initiation for tolimidone. The next catalyst will likely be the initial efficacy data readouts from the Phase I MAGIC-G1 in recurrent glioblastoma (rGBM) in Q224, which, if positive, could provide improved and possibly non-dilutive financing opportunities.
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