Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 349

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 349
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 of eRapa. In consideration for the License, the Company made an upfront payment of 378,163ADSs (equal to five percent of
our then outstanding Ordinary Shares, calculated on a fully-diluted basis). In addition, a promissory note previously issued by Emtora
in favor of the Company in the amount of $0.25 million was forgiven and certain historical liabilities relating to their on-going FAP
and NMIBC programs were settled. The Company is also obligated to make quarterly payments to Emtora of $0.25 million less 75% of any research
sales by Emtora until the handover trigger event occurs. The obligation meets the definition of a financial liability in accordance with
IAS32 and is measured at fair value in accordance with IFRS9. Management have estimated the expected liability to be $3.1 million and
the present value as $2.5 million.

| F-10 |

| Schedule of purchase on intangible assets           |     |       |     |       |
|                                                     |     | $’000 |     | £’000 |
| 378,163 ADSs issued at market value                 |     |   274 |     |   219 |
| Promissory note forgiven                            |     |   250 |     |   197 |
| Historical liabilities settled                      |     |   820 |     |   655 |
| Quarterly payment obligation                        |     | 2,494 |     | 1,997 |
| Recognised as intangible asset purchase (unaudited) |     | 3,838 |     | 3,068 |

In addition, the Company
is also responsible for up to $31.5 million in sales milestones within the first six months of commercial sale of a first-approved indication
of eRapa in certain markets, with decreasing milestones for subsequent approvals for additional indications. There is also a one-time
$10.0 million milestone payable upon cumulative net sales of $1.0 billion. Further, the Company is also obligated to pay Emtora single
digit tiered royalties on net sales of eRapa, in addition to honouring Emtora’s legacy royalty obligations and paying Emtora fees
related to income derived from sublicensing and partnering of eRapa.

The LCA also provides the Company with the exclusive
option to acquire all of the capital stock of Emtora on commercially reasonable terms in the 90 days after acceptance of the filing