Biodexa Pharmaceuticals (NASDAQ: BDRX)

Currency in USD

Last close As at 26/09/2023


−0.99 (−16.69%)

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 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.

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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 (15.1) (53.1) (99.6)
Relative (12.3) (55.5) (99.6)
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. Also, the company added a new preclinical programme, MTD217, targeting leptomeningeal disease, a secondary CNS cancer with poor prognosis. Biodexa recently announced the completion of a Phase 1 study of MTX110 in the treatment of children with newly diagnosed diffuse midline gliomas, with full results expected in Q124. To bolster its pipeline further, the company announced the proposed acquisition of Varian Biopharmaceuticals (a US-based biopharma company developing small-molecule atypical protein kinase C iota inhibitors for the treatment of cancer) in May 2023.

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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