Results of Appeal of Delisting Determination

Rhea-AI Summary

Biodexa Pharmaceuticals has been granted an exception until July 18, 2023 to demonstrate compliance with Nasdaq's Minimum Bid Price Rule. If the securities fail to regain compliance by that date, they will be delisted.

6 July 2023

Biodexa Pharmaceuticals PLC
(“Biodexa” or the “Company”)

Results of Appeal of Delisting Determination

Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), a clinical-stage biopharmaceutical company developing a pipeline of products aimed at primary and metastatic cancers of the brain, announced today that, on July 5, 2023, The Nasdaq Stock Market LLC’s (“Nasdaq”)Hearings Panel notified the Company that, in connection with its request for a temporary exception to regain compliance with Nasdaq’s requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810(c)(3)(A) (the “Minimum Bid Price Rule”), and further to the Company’s recently completed consolidation of its American depositary receipts, which had the effect of a one-for-80 reverse split, it has been granted an exception until July 18, 2023 to demonstrate compliance with the Minimum Bid Price Rule.

If the Company’s securities fail to regain compliance with the Minimum Bid Price Rule by that date, Nasdaq will delist the securities.

Biodexa Pharmaceuticals PLC
Stephen Stamp, CEO, CFO
Tel: +44 (0)29 2048 0180
www.biodexapharma.com
Edison Group (US Investor Relations) Alyssa Factor Tel: +1 (860) 573 9637 Email: afactor@edisongroup.com

About Biodexa Pharmaceuticals PLC

Biodexa Pharmaceuticals PLC (listed on NASDAQ: BDRX) is a clinical stage biopharmaceutical company developing a pipeline of products aimed at primary and metastatic cancers of the brain.  The Company’s lead candidate, MTX110, is being studied in aggressive rare/orphan brain cancer indications including recurrent glioblastoma and diffuse midline glioma.

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

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 news about Biodexa Pharmaceuticals?

The news is about Biodexa Pharmaceuticals being granted an exception to demonstrate compliance with Nasdaq's Minimum Bid Price Rule.

What is the Minimum Bid Price Rule?

The Minimum Bid Price Rule is a requirement by Nasdaq that the closing bid price of a company's securities remain at $1.00 or higher.

What happens if Biodexa Pharmaceuticals fails to regain compliance with the Minimum Bid Price Rule?

If the company's securities fail to regain compliance by July 18, 2023, they will be delisted.

What is the effect of the recently completed consolidation of Biodexa Pharmaceuticals' American depositary receipts?

The consolidation had the effect of a one-for-80 reverse split.

Who can be contacted for more information about Biodexa Pharmaceuticals?

Stephen Stamp, CEO and CFO, can be contacted at +44 (0)29 2048 0180. Alyssa Factor from Edison Group is the US Investor Relations contact and can be reached at +1 (860) 573 9637 or afactor@edisongroup.com.