Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 167

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 167
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 sell the Products in the Territory
at the Licensees’ sole discretion, and in the event we choose not to or fail to meet the Licensees’ binding orders for the
Products under certain circumstances, will be granted the right to manufacture the Products itself. The Licensees will be restricted from
supplying the Products to any customers outside of the Territory, while we will be restricted from supplying the Products into the Territory,
except through the Licensees.

We will manufacture the Products
for the Licensees and their sub-licensees, which Products will be subject to exclusive purchase and supply arrangements with the Licensees
for the Territory.

Further, we agreed to permit
the Licensees to identify their own product and line extension targets in respect of which, if we agree, we will carry out initial development
and then will, for a technology transfer fee, the amount of which will be dependent on the circumstances, transfer the specific program
know-how and data to enable the Licensees to continue to develop using our platform technologies and then to commercialize in the Territory.
We will receive a low single digit royalty on the Net Sales (as such term is defined in the CMS License Agreement) in the Territory. The
Licensees will own any intellectual property rights it creates and any data they collect during the development process and will license
such rights and data to us for the purposes of manufacturing the products in question and also to commercialize the products outside the
Territory, for which we will pay the Licensees a low double digit royalty.

The Licensees shall pay us
lump sum payments on a Product-by-Product basis (in U.S. dollars) upon the achievement of certain regulatory approvals (in six, or potentially
seven, figure amounts) and sales performance milestones (in seven, or potentially, eight figure amounts), as well as royalties upon Net
Sales (as a low double digit percentage for the Products other than MTX110, for which the royalty will be a single digit percentage) in
the Territory.

The CMS License Agreement
may be terminated by either party for specific material breaches or insolvency. In particular, our rights to terminate are limited to
breaches of certain non-compete restrictions, failure to pay milestones or royalties, insolvency, or a failure to develop and/or commercialize
particular Products in particular countries after the grant of an FDA or EMA regulatory approval. In addition, we have the right to terminate
the agreement if the Licensee directly or indirectly infringes upon our intellectual property rights or