Summary by Futu AI
Biodexa Pharmaceuticals PLC announced the successful exercise of previously issued 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, initially priced at $2.20, were exercised at a reduced price of $1.50 per American Depositary Share (ADS). The ADSs are registered under an effective SEC registration statement. In exchange for the cash exercise of the warrants, the warrant holders received new unregistered Replacement Warrants to purchase additional ADSs. The Replacement Warrants have an exercise price of $2.50 per ADS and terms of one and five years. The net proceeds from the offering will be used to advance clinical stage...Show More