We are initiating coverage of Biodexa Pharmaceuticals PLC (BDRX) with a valuation of $7.00. Biodexa is a clinical-stage GI oncology company with two core assets: MTX240 and MTX230. MTX240 offers a novel approach to treating gastrointestinal stromal tumors (GIST) while MTX230 is in a Phase 3 study for the prevention of familial adenomatous polyposis (FAP). We anticipate the IND approval for MTX240 in the fourth quarter of 2026 and initiation of a Phase 1b/2a study later in the same quarter, with a dose escalation read out possible in the third quarter of 2027.
