Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 166

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 166
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, that includes the nanoparticle and enteric coated finished pharmaceutical formulations developed at any time by Emtora and its affiliates. 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 Emtora 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)). 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.

Upon
any change of control of the Company (as defined in the Emtora License Agreement), we shall issue Emtora a warrant exercisable for 1,604,328
Depositary Shares, which may only be exercised upon such change of control.

The
Emtora 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 an 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