10:08 AM EDT, 07/19/2024 (MT Newswires) -- Biodexa Pharmaceuticals ( BDRX ) said Friday it has agreed on a private placement of 5.1 million American depositary shares and 278,975 pre-funded warrants for gross proceeds of about $5 million.

In a simultaneous private placement, Biodexa will sell 5.3 million American depositary shares each for unregistered series J and series K warrants, with the offering set to close by July 22, the company said.

Net proceeds will be used to start a phase 3 clinical trial of eRapa in familial adenomatous polyposis, for working capital, to finance development programs including a final match payment for a $17 million Cancer Prevention Research Institute of Texas grant, as well as for general corporate purposes.

As part of the offering, the company agreed to modify the exercise prices of existing series E, G and H warrants held by participating investors to $1 per share.

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