Biodexa Pharmaceuticals (NASDAQ: BDRX)

Last close As at 13/04/2024

USD0.96

−0.01 (−0.82%)

Market capitalisation

USD5m

Biodexa Pharmaceuticals is a clinical-stage biopharmaceutical company focused on oncology and rare/orphan indications. MTX110 is in Phase I clinical studies in aggressive rare/orphan brain cancer indications and tolimidone is due to start Phase I trials in type I diabetes in Q124. 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.

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Dr Stephen Parker

    Chairman

  • Stephen Stamp

    CEO and CFO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (26.6) (54.0) (95.7)
Relative (27.7) (57.7) (96.6)
52 week high/low US$22.7/US$0.8

Financials

Following a strategic pivot in early-2023, Biodexa is now positioned as a therapeutics company with a focus on disease areas with unmet need. 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; progression free survival data expected in Q224) with plans for an Investigational New Drug application in diffuse midline gliomas in Q324. The preclinical program includes MTD217, targeting leptomeningeal disease, a secondary central nervous system cancer with poor prognosis. To bolster its pipeline further, Biodexa completed the acquisition of a novel lyn kinase activator, tolimidone in December 2023 with plans to develop it for type I diabetes. H123 ended with a £5.23m cash balance, bolstered further by a $6m equity raise in December 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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Initiation

Healthcare

Midatech Pharma — Pivoting its commercial strategy

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Midatech Pharma – Edison Open House interview