Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 40

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 40
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isable for 1,604,328
Depositary Shares, which may only be exercised upon such change of control.

The
License Agreement also provides us with the exclusive option to acquire all of the capital stock of Emtora at a purchase price on commercially
reasonable terms during the period beginning with the filing of a new drug application, or NDA, for the Product with the FDA and ending
90 days after acceptance of the filing of the NDA by the FDA.

Melior License.On
November 22, 2023, we entered into the license agreement, or the Melior License Agreement, with Melior Pharmaceuticals I, Inc., or Melior,
for the development and commercialization of tolimidone in most territories other than China, South Korea and a number of smaller Asian territories which Melior licensed to Bukwang Pharmaceutical Co. Ltd., or Bukwang.
Under the Melior License Agreement, we obtained from Melior an exclusive, worldwide, sublicensable right to develop, manufacture, commercialize,
or otherwise exploit products containing tolimidone for any field.

Pursuant to the terms of the
License Agreement, we issued to Melior 354,428 Depositary Shares in upfront consideration, and agreed to issue the same to Bukwang. In
addition, we are obligated to pay single digit tiered royalties on net sales of tolimidone to Melior, with Melior agreeing to pay to Bukwang
50% of such royalties pursuant to a royalty agreement.

Under the Melior License Agreement,
we, at our own cost, have the right to control the prosecution, maintenance and enforcement of the tolimidone patents, while Melior has
certain step-in rights if we elect not to prosecute and maintain such tolimidone patents. The Melior License Agreement may be terminated
by Melior if we fail to meet various development diligence obligations.

In connection with the License
Agreement, on November 22, 2023, Melior and Bukwang entered into an amendment to the license agreement with Bukwang, or the Bukwang License.
Under the amendment, or the Bukwang Amendment, Melior and Bukwang agreed that, upon us securing a minimum of $4.0 million in new equity
financing, the Bukwang License shall terminate in its entirety and Bukwang shall transfer to Melior all rights, titles and interests to
certain INDs, know-how and data, and patents relating to tolimidone.

Under the Bukwang Amendment