Biodexa reports preliminary 2023 revenue GBP 0.38M vs. GBP 0.70M last year

The company said, “In the course of seeking additional funding for the Company, it became clear that raising significant funds for a drug delivery platform company was going to be difficult, if not impossible, in the then prevailing financial markets. Accordingly, we decided to re-position the Company as a therapeutics company and began looking for assets to complement our MTX110 programmes.In order to make the Company more investable and secure additional financing, the Board decided to re-position the Company as a therapeutics company in early 2023. As a result, the delivery of proof-of-concept clinical data is the primary focus of our business model going forward. Our intention is to build a balanced portfolio of clinical-stage development assets, ideally with a focus on rare / orphan indications. Tolimidone, which was in-licensed in December 2023, is a Phase II ready asset which we intend to develop for Type 1 diabetes. MTX110 is currently in Phase I development for three rare / orphan brain cancers. Our aim is to develop our clinical assets to proof of concept stage before securing partners to undertake the most expensive, later stage development.”