Biodexa Pharmaceuticals stock more than doubled on Tuesday: explore why

on May 21, 2024
  • Biodexa reported encouraging Phase 2 data for eRapa on Tuesday.
  • The pharamceutical firm ended last year (2023) with a loss.
  • Biodexa Pharmaceuticals stock is now up 200% versus its YTD low.

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Biodexa Pharmaceuticals PLC (NASDAQ: BDRX) opened more than 100% up on Tuesday after reporting encouraging Phase 2 data for eRapa.

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Details of the Phase 2 data reported today

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The recently licensed drug for FAP (familial adenomatous polyposis) showed non-progression rate of 83% and lowered total polyp burden by about 24% versus the baseline upon six months of treatment.

$BDRX reported two grade 3 adverse events while the remaining 97% of the participants remained on eRapa after six months.

All in all, the Phase 2 data established eRapa as “safe and well-tolerated” on Tuesday.

The news arrives about a month after the pharmaceutical firm reported £0.38 million in consolidate total gross revenue for the full year. Biodexa Pharmaceuticals stock is up roughly 200% versus its year-to-date low at writing.

$BDRX ended 2023 with a loss

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Biodexa Pharmaceuticals is scheduled to present the Phase 2 data of eRapa for familial adenomatous polyposis at the annual Digestive Disease event.

Note that the said study was “partially supported by $20 million in grant from the Cancer Prevent and Research Institute” as per the press release on Tuesday.

The Phase 2 trial saw participation from 30 adult patients in total.

$BDRX ended last year with a net loss of £7.08 million – down from a £7.66 million loss in 2022. Biodexa Pharmaceuticals stock does not pay a dividend yield at writing.  

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