Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 394

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 394
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issory Note and Security Agreement with Bioasis to assist in the short term with Bioasis’
working capital requirements. Under the agreement the Company agreed to advance Bioasis up to US$750,000 in 3 tranches payable on 19 December
2022, 3 January 2023 and 6 February 2023. The terms of the agreement are set out in note 13.

The
Company advanced US$250,000 to Bioasis in the year to 31 December 2022. A further advance of US$250,000 was made to Bioasis on 3 January
2023.

Management
considered recovery of the debt to be uncertain and in 2022 recognised an impairment provision of £207,000 against the advance made
in December 2022, see note 13, and a provision of £207,000 against future credit losses
resulting from the Promissory Note.

On
3 February 2023 Bioasis announced they were ‘urgently exploring and evaluating all financing and strategic alternatives that may
be available to address its liquidity requirements’ which triggered an event of default. As a result of this the 3rd payment under
the agreement was not made in the post year end period. On 5 March 2023 Bioasis were served with a notice of an event of default. On 20
June 2023 Bioasis announced the suspension of operations.

In
2023 the provision was utilised against the advance made to Bioasis in January 2023.

| F-57 |

| 18 | Derivative financial liability – current |

| Schedule of derivative financial liability                                                            |     |            |   |     |            |   |     |            |   |
|                                                                                                       |     | 2023 £’000 |   |     | 2022 £’000 |   |     | 2021 £’000 |   |
| Equity settled derivative financial liability                                                         |     |            |   |     |            |   |     |            |   |
| At 1 January                                                                                          |     |         85 |   |     |        553 |   |     |      1,559 |   |
| Warrants issued                                                                                       |     |      4,562 |   |     |          – |   |     |          – |   |
| Transfer to share premium on exercise of warrants                                                     |     |          – |   |     |          – |   |     |        (