Biodexa Pharmaceuticals (NASDAQ: BDRX)

Currency in US$

Last close As at 26/05/2023


−0.25 (−20.83%)

Market capitalisation


Biodexa Pharmaceuticals (formerly Midatech) is a clinical-stage biopharmaceutical company focused on oncology and rare and orphan indications. Lead candidate MTX110 is in Phase I clinical studies in aggressive rare/orphan brain cancer indications. The pre-clinical pipeline includes MTD217, targeting leptomeningeal disease.

The proprietary platforms develop products that address debilitating conditions with significant clinical needs. Applications are expected to be out-licensed for development following proof of concept.

Midatech Pharma_resized



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Dr Stephen Parker


  • Stephen Stamp

    CEO and CFO

Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (39.7) (59.6) (92.5)
Relative (36.2) (59.7) (92.4)
52 week high/low 13.5p/1.0p


Biodexa has reported its FY22 preliminary results and revised business strategy for the medium term. Funding challenges and slower traction than anticipated with the clinical pipeline during the period compelled the company to undertake cost-reduction initiatives (terminating all internal Q Sphera development programs) and pivot its business model from a drug delivery company to a therapeutics play in March 2023 (along with a name change, AIM delisting and share consolidation). Looking ahead, we expect the strategic focus to be on delivering proof-of-concept (PoC) for its development pipeline, in particular for lead Phase I asset MTX110 (in aggressive brain cancers). The $6m (£5m) equity raise in February provides a runway to Q423, past the crucial interim safety and efficacy data from the Phase I recurrent glioblastoma (rGBM) study anticipated in Q323. Potential licensing deals on the back of positive MTX110 data should provide operational headroom and de-risk the near-term outlook.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2020A 0.3 (9.5) (11.1) (22.92) N/A N/A
2021A 0.6 (6.6) (6.1) (6.78) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

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