Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 39

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 39
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. On April 25, 2024, we entered into a license and collaboration agreement, or the Emtora License Agreement, with
Emtora, relating to the license of eRapa, an oral product formulation of rapamycin (sirolimus), or the Product, for use in the prevention,
treatment, diagnosis, detection, monitoring and/or predisposition testing of all diseases, states or conditions in humans, or the Field,
that includes the nanoparticle and enteric coated finished pharmaceutical formulations developed at any time by Emtora and its affiliates,
or the License. Under the License, we obtained from Emtora an exclusive, worldwide, sublicensable right to develop, manufacture, commercialize,
or otherwise exploit products containing rapamycin (sirolimus) in the Field. Pursuant to the terms of the License Agreement, the Company
and Emtora established a joint development committee, consisting of two designees of the Company and two designees of Emtora.

As
consideration for the License, we made an upfront payment to Emtora in the form of 378,163 of our Depositary Shares (equal to five percent
(5%) of our outstanding Ordinary Shares, calculated on a fully-diluted basis (including in-the-money warrants) at the time). In addition,
we are 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, we are also obligated to pay Emtora single
digit tiered royalties on net sales of eRapa, in addition to honoring Emtora’s legacy royalty obligations and paying Emtora fees
related to income derived from sublicensing and the partnering of eRapa. In addition, effective as of the closing of the License Agreement,
a promissory note previously issued by Emtora in favor of the Company in the amount of $250,000 was forgiven. We also made an additional
$500,000 cash payment to Emtora to be used exclusively for a match to an advance from the Cancer Prevention and Research Institute of
Texas.

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Upon
any change of control of the Company (as defined in the Emtora License Agreement), we shall issue Emtora a warrant exerc