NEW YORK - Biodexa Pharmaceuticals PLC (NASDAQ:BDRX), a clinical stage biopharmaceutical company, has provided an update on its Phase 1 study of MTX110 in the treatment of recurrent glioblastoma (rGBM). The study, which involves a cohort of patients receiving the drug through convection enhanced delivery (CED), has shown overall survival rates that compare favorably with published survival rates for this aggressive brain cancer.
As of today, two of the four patients in Cohort A of the study have passed away, with overall survival times since the start of treatment of 12 and 13 months, respectively. The remaining two patients are in post-study follow-up, with one patient showing progression-free survival of six months and overall survival of 13 months, while the other has not yet had confirmed progression, with both progression-free and overall survival of 12 months since treatment began.
The interim data from the study builds upon previous results from two Phase 1 studies of MTX110 in diffuse midline glioma (DMG). In these studies, MTX110 has demonstrated median overall survival rates that exceed the historical data for this patient population.
MTX110 is a water-soluble form of panobinostat, a drug designed to be delivered directly to the site of a tumor. This method aims to achieve high drug concentrations at the tumor site while minimizing systemic exposure and potential side effects. The treatment is part of Biodexa's pipeline of products targeting diseases with unmet medical needs, including aggressive rare/orphan brain cancers.
The update on the MTX110 study is based on a press release statement from Biodexa Pharmaceuticals. The company continues to develop its lead programs, which include treatments for familial adenomatous polyposis, non-muscle invasive bladder cancer, type 1 diabetes, and rare brain cancers. Biodexa's headquarters and R&D facilities are located in Cardiff, UK.
The forward-looking statements in this update are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's current beliefs and interpretations. Biodexa does not undertake any obligation to publicly update or revise these statements, except as required by law.
In other recent news, Biodexa Pharmaceuticals has announced a change in the ratio of its American Depositary Receipts (ADRs) in a bid to comply with Nasdaq's minimum bid price requirement. The adjustment, effectively a reverse split for ADR holders, will see ADRs adjusted from representing four hundred ordinary shares each to ten thousand ordinary shares per ADR. In addition, Biodexa has unlocked remaining funds from a $17 million grant awarded by the Cancer Prevention and Research Institute of Texas (CPRIT) to support the Phase 3 study of its drug eRapa for Familial Adenomatous Polyposis (FAP).
The company has also announced a $5.0 million registered direct offering and concurrent private placement with Ladenburg Thalmann & Co. Inc. serving as the sole placement agent. On the clinical front, Biodexa reported positive results from a Phase 2 trial for eRapa, marking a significant reduction in polyp burden among FAP patients. These developments are part of Biodexa's continued efforts to address diseases with unmet medical needs.
InvestingPro Insights
As Biodexa Pharmaceuticals (NASDAQ:BDRX) continues to make strides in its clinical trials for aggressive brain cancers, investors should be aware of some key financial metrics and market trends. According to InvestingPro data, BDRX has a market capitalization of $87.23 million, reflecting its status as a small-cap biopharmaceutical company focused on developing treatments for rare diseases.
InvestingPro Tips highlight that BDRX holds more cash than debt on its balance sheet, which is crucial for a clinical-stage company continuing to fund its research and development efforts. This financial stability is particularly important as the company advances its MTX110 trials and other pipeline products.
However, it's worth noting that BDRX's stock has faced significant challenges recently. InvestingPro Tips indicate that the stock has taken a big hit over the last week and has performed poorly over the last month. This volatility is not uncommon for biotech stocks, especially as they navigate the complex and often unpredictable landscape of clinical trials and regulatory approvals.
Despite these short-term market fluctuations, long-term investors may find BDRX's focus on unmet medical needs in rare cancers compelling. The company's progress with MTX110 in glioblastoma treatment could potentially drive future value, although it's important to remember that the biopharmaceutical industry is inherently risky and subject to regulatory and clinical trial outcomes.
For a more comprehensive analysis, InvestingPro offers 17 additional tips for BDRX, providing investors with a deeper understanding of the company's financial health and market position.
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