Summary by Futu AI
On May 22, 2024, Biodexa Pharmaceuticals PLC, a clinical stage biopharmaceutical company, announced the successful inducement of warrant exercises with accredited holders of the company's Series E and Series F warrants. The agreement resulted in the exercise price of each warrant being reduced to $1.50 per share, and the issuance of replacement warrants, Series G and Series H, which are immediately exercisable and will expire in five and one year(s) respectively. The transaction led to the exercise of 4,358,322 existing warrants, and the company anticipates gross proceeds of approximately $6.5 million before fees and expenses. The proceeds are expected to cover the first year of the eRapa Phase 3 trial obligations and unlock additional non-dilutive funding. The closing of this transaction is expected...Show More