Biodexa to Acquire License to Tolimidone, Phase II Ready Asset for Type 1 Diabetes

 

• Acquisition of exclusive worldwide license to develop and commercialize tolimidone
• Phase II ready with encouraging signals of β cell proliferation in preclinical models
• Extensive safety database as Tolimidone exposed to approximately [700] patients in other indications

In connection with the assignment, the Company agreed to pay up an upfront payment to Adhera and certain secured noteholders of Adhera, in the form of cash, with respect to Adhera, and the Company’s American Depositry Shares, with respect to the secured noteholders, and such parties are eligible to receive additional payments, in the form of cash and/or American Depositary Shares, upon the achievement of certain milestones. In addition, in connection with the license, the Company has agreed to issue to Melior and Bukwang American Depositary Shares. The Company would also be obligated to pay single digit tiered royalties on net sales of tolimidone.

The assignment of rights by Adhera, and the related effectiveness of the license, are each subject to certain closing conditions. The transaction is expected to close in the fourth quarter of 2023.

https://www.globenewswire.com/news-release/2023/11/27/2786218/0/en/Biodexa-Enters-Into-Agreements-to-Acquire-Exclusive-Worldwide-License-to-Tolimidone-a-Phase-II-Ready-Asset-for-Type-1-Diabetes.html