Summary by Futu AI
Biodexa Pharmaceuticals PLC announced the successful exercise of existing Series E and Series F warrants, resulting in $7 million in gross proceeds. The funds will primarily cover the first year of the eRapa Phase 3 trial in Familial Adenomatous Polyposis (FAP), unlocking additional non-dilutive grant funding. The exercised warrants were issued at a reduced price of $1.50 per American Depositary Share (ADS), with the ADSs being registered under an effective registration statement. In exchange for the cash exercise of the warrants, the holders received new unregistered Replacement Warrants to purchase additional ADSs. The proceeds from the warrant exercises are intended for the advancement of clinical stage assets and general corporate purposes. The Replacement Warrants, along with the shares issuable upon their exercise...Show More