Biodexa Pharmaceuticals (NASDAQ: BDRX) stock is grabbing attention today following an 80% surge in intraday trading on Friday. This remarkable leap came after the company inked an exclusive license agreement with Rapamycin Holdings for the rights to eRapa.
Biodexa Pharmaceuticals recently secured an exclusive worldwide license from Rapamycin Holdings, (d/b/a Emtora Biosciences) to develop and commercialize eRapa, also known as rapamycin.
ERapa is a unique oral formulation of rapamycin drug (aka. sirolimus). This drug is currently marketed under the brand name Rapamune and is used to prevent organ transplant rejection.
As part of the agreement, Biodexa has secured $17 million in non-dilutive funding from the Cancer Prevention and Research Institute of Texas to support a pivotal Phase 3 study of eRapa in treating Familial Adenomatous Polyposis, or FAP, a rare genetic disorder causing precancerous polyps that may require surgical removal of the colon or rectum.
The license agreement also includes a $3 million grant from the National Cancer Institute to support a Phase 2 study of eRapa in treating non-muscle invasive bladder cancer.
The company expects to achieve significant milestones in the clinical development of eRapa, with plans to present Phase 2 study results for FAP at medical conferences in the second quarter of 2024. In addition, the company schedules a data readout from the Phase 2 study targeting bladder cancer for the second quarter of 2025.
Biodexa Pharmaceuticals (NASDAQ: BDRX) Stock Movement
At the time of this report, BDRX stock is trading at $1.14, showing a 12.30% decrease from the previous trading session.
