Biodexa Pharmaceuticals (NASDAQ: BDRX)

Currency in USD

Last close As at 06/12/2023


1.61 (46.00%)

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 preclinical pipeline includes MTD217, targeting leptomeningeal disease.

The brain cancer space comes with a high risk-reward trade off, although successful therapeutics stand to benefit materially given the unmet need. The glioblastoma therapeutics market is a $3–5bn opportunity with only a handful of drugs approved, highlighting the potential for novel therapeutics.

Latest Insights

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Midatech Pharma_resized



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh


Arron Aatkar

Associate analyst

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 33.4 1.8 (99)
Relative 20.7 (1.4) (99.1)
52 week high/low US$16.2/US$0.1


Following a strategic pivot in early 2023, Biodexa is now positioned as a therapeutics company with a focus on oncology and rare/orphan indications. The current pipeline focus is on the legacy Phase I asset, MTX110, currently undergoing clinical studies in aggressive brain cancers such as glioblastoma (Phase Ib trial ongoing) and diffuse intrinsic pontine glioma, a very rare pediatric cancer. Biodexa has added a new preclinical programme, MTD217, targeting leptomeningeal disease, a secondary CNS cancer with poor prognosis. It recently announced completion of a Phase I study of MTX110 in the treatment of children with newly diagnosed diffuse midline gliomas; full results are expected in Q124. To bolster its pipeline further, Biodexa announced the proposed acquisition of Varian Biopharmaceuticals in May 2023. H123 ended with a £5.23m cash balance, supported by a $6m private placement and $3.3m direct offering, providing a cash runway to Q124.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 0.6 (6.6) (6.1) (6.78) N/A N/A
2022A 0.7 (8.6) (8.5) (1.55) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A




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