RE:RE:RE:RE:RE:RE:RE:RE:RE:Forcing Bioasis to Answer"A strategic alliance between Biodexa and Ellipses would mean that 94% of the benefits of such deals would go to people and companies other than to Bioasis and its shareholders. Is that lost on you, poof?" We've went over that.
Midatech holders(including outstanding Midatech warrants) get ~10% of the fully diluted company.
BTI shareholders(including outstanding BTI warrants, bridge financing, Lind obligations, Ladenberg Thalmann obligations) get ~23% of the fully diluted company.
Together Midatech and BTI, as above, receive ~33% of the fully diluted company and Armistice Capital receives about 67% of the company for US$20 million in cash and near term expected cash.
To me this looks like a takeover of Midatech by Bioasis and a recapitalization of both BTI and Midatech which were flat out broke with no cash runway to expected catalysts. BTI was also in material debt. Given the historic bear market conditions solving BTI's debt problem and providing a cash runway to material events for both companies is not cheap. 25% of biotech companies have traded below the cash on the balance sheet in recent months. Also, Ladenberg Thalmann doesn't work for free. Did they help with Ellipses, Armistice Capital, and identifying Midatech and Cresence over the past year as well as look at range of other alternatives? I believe Rathjen said that she had presented another deal to regulators that was rejected. BTI got the big boys to help put this deal and financing together as a ticket to NASDAQ. While there is substantial dilution with this deal there is also substantial upside and together BTI and Midatech can also enter stronger deals saving dilution on the other side in deals. There is scale too. There are also potential synergies between assets. Midatech's clinical assets could also provide revenue in the future to support a pipeline of xB3 and Q-Sphera assets. As Midatech's CEO said he defies anyone to find a company of Biodexa's size with the same opportunity set. What is the revenue potential for the clinical and near clinical assets alone? $12 billion? And there's much more potential in the long term.
Boomskid wrote: A strategic alliance between Biodexa and Ellipses would mean that 94% of the benefits of such deals would go to people and companies other than to Bioasis and its shareholders.
Is that lost on you, poof?
Bioasis had a presentation detailing a deal with Ellipses. What was that? Where did that go?
It stinks to its very core, poof.
jd