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  • Bioasis Technologies (BTI.V) has signed a definitive agreement with Midatech Pharma plc (MTP)
  • Midatech will acquire 100 per cent of the issued and outstanding common shares in the capital of Bioasis from Bioasis’ shareholders in exchange for ordinary shares of Midatech in the form of American depositary shares
  • The combination of Bioasis and Midatech will create a multi-asset rare and orphan disease company that will be renamed Biodexa Pharmaceuticals PLC
  • Bioasis Technologies Inc. (BTI.V) was down 16.67 per cent, trading at $0.15 per share as of 2:05 p.m. ET

Bioasis Technologies (BTI.V) has signed a definitive agreement with Midatech Pharma plc (MTP).

Midatech will acquire 100 per cent of the issued and outstanding common shares in the capital of Bioasis from Bioasis’ shareholders in exchange for ordinary shares of Midatech in the form of American depositary shares.

Midatech (MTP) is focused on the research and development of medicines that would benefit from improved bio-delivery or bio-distributions using proprietary drug delivery technologies.

The combination of Bioasis and Midatech will create a multi-asset rare and orphan disease company that will be renamed Biodexa Pharmaceuticals PLC.

Bioasis’ Executive Chair, Deborah Rathjen, Ph.D., explained that last December, the company indicated that it would seek value-accretive strategic alternatives and pursue opportunities that have the potential to unlock value and liquidity for shareholders.

“With this transaction and through the formation of Biodexa, it is anticipated that Bioasis’ pipeline will achieve value accretive milestones whilst continuing to monetize the xB3 platform through additional partnerships. Once the transaction is closed, Bioasis shareholders will have access to the benefits of a NASDAQ listing through their ownership of Biodexa. We are very excited by the prospects for this transaction given the evident synergies between Bioasis and Midatech.”

Stephen Stamp, Midatech CEO and incoming Biodexa CEO added that by combining the two groups to create Biodexa Pharmaceuticals, the new team can reposition the enlarged group as an emerging biotech company focused on the development of therapeutics for rare diseases.

“We continue to believe there is substantial value to be unlocked from Midatech’s MTX110, particularly in glioblastoma, and to leverage our Q-Sphera technology. Together with Bioasis’s promising development pipeline, we can create a much stronger group.”

Bioasis Technologies Inc. (BTI.V) 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. The in-house development programs are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders.

Bioasis Technologies Inc. (BTI.V) was down 16.67 per cent, trading at $0.15 per share as of 2:05 p.m. ET.


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