Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 391

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 391
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 note is subject to interest at a rate equal to 2% per month or, from and after the Bioasis maturity date, at a default rate
of 15% per annum. Under the Security Agreement the Company was made a secured creditor.

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. On 5 March 2023 Bioasis were served with notice of an event of default. On 20 June 2023 Bioasis announced
the suspension of operations.

The Company has advanced
US$500,000 to Bioasis in two tranches over 2022 and 2023. Management considered the recovery of the debt to be uncertain and therefore
recognised an impairment provision of £414,000 in the year to 31 December 2022. As a result of Bioasis’ s announcement on
20 June 2023 the loans have been written off.

| F-53 |

| 14 | Cash and cash equivalents and cash flow supporting notes |

Cash and cash equivalents
for purposes of the consolidated statement of cash flows comprises:

| Schedule of cash and cash equivalents |     |            |     |            |     |            |
|                                       |     | 2023 £’000 |     | 2022 £’000 |     | 2021 £’000 |
| Cash at bank available on demand      |     |      5,971 |     |      2,836 |     |     10,057 |

During 2023, 2022 and
2021, cash inflows arose from equity financing transactions, included within financing activities on the face of the cash flow statement.
As part of the equity transactions entered in December and May 2023 warrants to the value of £4.6million (December 2022:£nil;
July 2021: £nil) were issued as disclosed in note 18.

| Schedule of cash inflows from an equity financing transaction |     |            |   |     |            |   |     |            |   |
|                                                               |     | 2023 £’000 |   |     | 2022 £’000 |   |     | 2021 £’000 |   |
| Gross proceeds                                                |     |     12,084 |   |