Transaction Information
Merger
Bioasis Technologies Inc. (TSX.V:BTI), a multi-asset rare and orphan disease biopharmaceutical company entered into a definitive agreement with Midatech Pharma plc (NASDAQ:MTP; AIM:MTPH), a drug delivery technology company, whereby Midatech will acquire 100% of the issued and outstanding common share of Bioasis in exchange for Midatech ordinary shares in the form of American Depository Shares ("ADS"). The company will be renamed Biodexa Pharmaceuticals PLC and be listed on NASDAQ, subject to closing conditions.
Biodexa is a Phase 2 ready multi-asset rare and orphan disease company with a robust internal therapeutics pipeline of five programs in six indications based on epidermal growth factors and a differentiated, proprietary xB3™ platform for delivering therapeutics across the blood-brain barrier and the treatment of central nervous disorders. Indications include diffuse intrinsic pontine glioma, glioblastoma ,optic neuritis, Guillain-Barre, chronic inflammatory demyelinating polyneuropathy and Hunter's Syndrome. The xB3™ platform has been validated by partnerships and licenses with leading global pharmaceutical companies including, but not limited to, Chiesi Farmaceutici SpA, Nueramedy Co. Ltd., Janssen Biotech, Inc. (a subsidiary of Johnson & Johnson) and Prothena Corporation plc (NASDAQ:PRTA). Under the agreements Biodexa has the potential for milestone payments in excess of $200 million.
The merger is expected to close in the first quarter of 2023.
Ladenburg Thalmann & Co. Inc. acted as Exclusive Advisor to Bioasis Technologies Inc.
Financing
Midatech entered into a securities purchase agreement with an institutional investor for gross proceeds of approximately $10 million. The securities purchase agreement included a registered direct offering and a private placement, subject to shareholder approval, of $9.6 million of gross proceeds.
Ladenburg Thalmann & Co. Inc. acted as exclusive placement agent for Midatech Pharma plc.
About Bioasis Technologies Inc.
Bioasis Technologies Inc. is a multi-asset rare and orphan disease biopharmaceutical company developing clinical stage programs based on epidermal growth factors and the xB3™ platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need. For more information please visit www.bioasis.us.
About Midatech Pharma plc
Midatech is a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines. Midatech combines approved and development medications with its proprietary and innovative drug delivery technologies to provide compelling products that have the potential to powerfully impact the lives of patients. For more information please visit www.midatechpharma.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.