Biodexa Announces Successful Appeal of Nasdaq Delisting

Rhea-AI Summary

Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) has successfully appealed its Nasdaq delisting. A Nasdaq Hearings Panel has granted the company an extension until October 31, 2024 to comply with the $1.00 minimum bid price requirement for continued listing. To maintain its listing, Biodexa must demonstrate a closing bid price of at least $1.00 per share for a minimum of 20 consecutive trading days by the given deadline.

Biodexa is described as an acquisition-focused clinical stage biopharmaceutical company developing innovative products for diseases with unmet medical needs. The extension provides the company with additional time to meet Nasdaq's listing requirements and avoid delisting.

Positive

• Successful appeal against Nasdaq delisting
• Extension granted until October 31, 2024 to meet minimum bid price requirement
• Opportunity to maintain Nasdaq listing

Negative

• Risk of delisting if $1.00 minimum bid price not maintained for 20 consecutive trading days by October 31, 2024
• Current stock price below $1.00, indicating financial challenges

Insights

Financial Analyst

This news is a significant positive development for Biodexa Pharmaceuticals. The successful appeal against Nasdaq delisting provides the company with a critical lifeline to maintain its listing status, which is important for investor confidence and access to capital markets. However, the extension comes with a stringent condition: Biodexa must achieve a closing bid price of at least $1.00 per share for 20 consecutive trading days by October 31, 2024.

For a micro-cap company with a market capitalization of only $3 million, meeting this requirement could be challenging. The company may need to consider strategic options such as a reverse stock split to boost its share price artificially. While this would help meet the Nasdaq requirement, it doesn't address underlying business fundamentals.

Investors should closely monitor Biodexa's ability to meet this condition, as failure to do so could result in delisting, potentially leading to significant loss of shareholder value and reduced liquidity. The company's focus on acquisitions and pipeline development in unmet medical needs could be key to attracting investor interest and boosting the stock price organically.

Exhibit 99.1

October 15, 2024

Biodexa Announces Successful Appeal of Nasdaq Delisting

Biodexa Pharmaceuticals PLC. (the “Company”) (Nasdaq: BDRX), an acquisition-focused clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs, announced today that a Nasdaq Hearings Panel (the “Panel”) has granted the Company’s request for an extension of time to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq Stock Market LLC (“Nasdaq”) set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). As a condition of the Panel’s decision, the Company is required to demonstrate compliance with the Minimum Bid Price Requirement by evidencing a closing bid price of at least $1.00 per share for a minimum of 20 consecutive trading days by October 31, 2024.

About Biodexa Pharmaceuticals PLC

Biodexa Pharmaceuticals PLC (listed on NASDAQ: BDRX) is a clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs. The Company’s lead development programs include eRapa, under development for Familial Adenomatous Polyposis and Non-Muscle Invasive Blader Cancer: tolimidone, under development for the treatment of type 1 diabetes; and MTX110, which is being studied in aggressive rare/orphan brain cancer indications.

eRapa is a proprietary oral tablet formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin) inhibitor. mTOR has been shown to have a significant role in the signaling pathway that regulates cellular metabolism, growth and proliferation and is activated during tumorgenesis.

Tolimidone is an orally delivered, potent and selective inhibitor of Lyn kinase. Lyn is a member of the Src family of protein tyrosine kinases, which is mainly expressed in hematopoietic cells, in neural tissues, liver, and adipose tissue. Tolimidone demonstrates glycemic control via insulin sensitization in animal models of diabetes and has the potential to become a first in class blood glucose modulating agent.

MTX110 is a solubilised formulation of the histone deacetylase (HDAC) inhibitor, panobinostat. This proprietary formulation enables delivery of the product via convection-enhanced delivery (CED) at chemotherapeutic doses directly to the site of the tumor, by-passing the blood-brain barrier and potentially avoiding systemic toxicity.

Biodexa is supported by three proprietary drug delivery technologies focused on improving the bio-delivery and bio-distribution of medicines. Biodexa’s headquarters and R&D facility is in Cardiff, UK. For more information visit www.biodexapharma.com.

Forward-Looking Statements

Certain statements in this announcement may constitute “forward-looking statements” within the meaning of legislation in the United Kingdom and/or United States. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation. All statements contained in this announcement that do not relate to matters of historical fact should be considered forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved.” Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein.

Reference should be made to those documents that Biodexa shall file from time to time or announcements that may be made by Biodexa in accordance with the rules and regulations promulgated by the SEC, which contain and identify other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or concerning Biodexa are expressly qualified in their entirety by the cautionary statements above. Except as may be required under relevant laws in the United States, Biodexa does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or events otherwise arising.

FAQ

What is the deadline for Biodexa Pharmaceuticals (BDRX) to meet Nasdaq's minimum bid price requirement?

Biodexa Pharmaceuticals (BDRX) has until October 31, 2024, to meet Nasdaq's minimum bid price requirement of $1.00 per share for at least 20 consecutive trading days.

How long must Biodexa (BDRX) maintain a $1.00 minimum bid price to comply with Nasdaq's listing requirements?

Biodexa (BDRX) must maintain a closing bid price of at least $1.00 per share for a minimum of 20 consecutive trading days to comply with Nasdaq's listing requirements.

What happens if Biodexa Pharmaceuticals (BDRX) fails to meet Nasdaq's minimum bid price requirement by October 31, 2024?

If Biodexa Pharmaceuticals (BDRX) fails to meet Nasdaq's minimum bid price requirement by October 31, 2024, the company may face delisting from the Nasdaq Stock Market.

What is Biodexa Pharmaceuticals' (BDRX) current status regarding Nasdaq listing compliance?

Biodexa Pharmaceuticals (BDRX) has successfully appealed a Nasdaq delisting and received an extension until October 31, 2024, to comply with the $1.00 minimum bid price requirement for continued listing.