Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 158

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 158
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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 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
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.

eRapa Developments

Our open-label
Phase 2 study was conducted in seven United States centers of excellence in 30 adult patients with a median age of 43 years with intact
colon (n=6) or post-colectomy and ileo-rectal anastomosis, and at least 10 adenomas in the rectal remanent (n=24). Patients were sequentially
enrolled into three dosing cohorts of 10 patients each for a 12-month treatment period: 0.5mg every other day (Cohort 1), 0.5mg daily
every other week (Cohort 2), and 0.5mg daily (Cohort 3). Upper and lower endoscopic surveillance occurred at baseline and after six months.
Primary endpoints were the safety and tolerability of eRapa and percentage change from baseline in polyp burden, as