Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 347

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 347
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 | 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 of
an NDA by the U.S. Food and Drug Administration (the “FDA”). If the Company does not exercise the option, it would be required
to make additional quarterly payments, as disclosed in note 7, until the first commercial sale of the product.

| 7. | Deferred Consideration |

| Schedule of deferred consideration |     |  As at June 30, 
            2024 
 unaudited £’000 |   |     | As at        
 December 31, 
 2023 £’000   |
|:-----------------------------------|:----|----------------:|:--|:----|:-------------|
| Opening provision at January 1,    |     |               - |   |     | -            |
| On acquisition of licence          |     |           1,997 |   |     | -            |
| Interest expense                   |     |              38 |   |     | -            |
| Foreign exchange                   |     |             (24 | ) |     | -            |
| Deferred consideration             |     |           2,011 |   |     | -            |
| Less: non-current portion          |     |          (1,552 | ) |     | -            |
| Current portion                    |     |             459 |   |     | -            |

The Company is 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 IAS