NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE

NOT FOR PUBLICATION, DISTRIBUTION

OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY

OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION

TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA. NEITHER

THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT

WHATSOEVER IN ANY JURISDICTION.

Biodexa Pharmaceuticals PLC

Announces US$3.32 Million Registered Direct Offering

Biodexa Pharmaceuticals PLC

(Nasdaq: BDRX) ("Biodexa" or the "Company"), a clinical stage biopharmaceutical company developing a pipeline

of products aimed at primary and metastatic cancers of the brain, is pleased to announce a fundraise of gross proceeds of approximately US$3.32

million (c. 2.67 million) raised pursuant to a registered direct offering (the "Registered Direct Offering") in

the United States utilizing the Company's existing share capital authorities, via the issuance of 22,135,922 new American Depositary

Shares (the "Registered ADSs") at a price of US$0.15 per Registered ADS representing 110,679,610 new ordinary shares

at a price of approximately US$0.03 per ordinary share (the "Offering").

The Offering is expected to

close on or around May 26, 2023, subject to customary closing conditions. The net proceeds of the Offering will be approximately US$2.61 million (c. 2.11 million) which the Company intends to utilise for working capital and general

Ladenburg Thalmann & Co.

Inc. is acting as the exclusive placement agent for the Offering.

In addition, subject to shareholder

approval, the purchasers will be issued (i) 33,203,883 Series C warrants (the "Series C Warrants") to purchase up to 33,203,883

new American Depositary Shares (the "Series C Warrant ADSs") and (ii) 22,135,922 Series D warrants (the "Series D Warrants"

and, together with the Series C Warrants, the "Warrants") to purchase up to 22,135,922 new American Depositary Shares (the "Series

D Warrant ADSs" and, together with the Series C Warrant ADSs, the "Warrant ADSs"), in a Private Placement (together

with the Registered Direct Offering, the "Offering"). The Warrants sold in the Private Placement will be delivered and become

exercisable upon receipt of shareholder approval to allot the Warrants, the Warrant ADSs and the ordinary shares underlying the Warrant

ADSs (the "Warrant Shares") offered in the Private Placement without triggering statutory preemptive rights under the laws

of England and Wales (the "Biodexa Shareholder Approval"). The Warrants are exercisable at an exercise price of US$0.20 per

American Depositary Share. The Series C Warrants will expire one year from the initial exercise date and may be exercised on a cashless

basis. The Series D Warrants will expire five years from the initial exercise date and may be exercised on a cashless basis if and only

if the Company has not filed a registration statement registering the Warrant Shares underlying the Series D warrants within six months

of the initial exercise date.

The Registered ADSs described

above are being offered pursuant to a shelf registration statement (File No. 333 267932) which became effective on 26 October

2022. The Registered ADSs may be offered only by means of a prospectus supplement that forms a part of the effective registration statement.

A prospectus supplement and the accompanying prospectus relating to the Registered Direct Offering will be filed with the U.S. Securities

and Exchange Commission ("SEC"). Electronic copies of the prospectus supplement and the accompanying prospectus may be obtained,

when available, from the SEC's website at http://www.sec.gov or from Ladenburg Thalmann & Co. Inc., at Attn: Prospectus Department,

640 Fifth Avenue, 4th Floor, New York, NY 10019 or by e-mail at prospectus@ladenburg.com.

Pursuant to a registration

rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale

of the Warrant ADSs.

Current Financial Position

The Company's cash balance

as at 31 December 2022 was approximately 2.84 million which we expect to be sufficient to fund operations into the fourth

quarter of 2023. Biodexa's current cash balance is approximately 3.81 million.

Following the Company's receipt of the net proceeds from the Registered Direct Offering, Biodexa expects its cash resources to remain

sufficient to fund operations into the first quarter of 2024.

Accordingly, should the

Registered Direct Offering not be completed, the Company would need to seek urgently alternative sources of funding. There can be no guarantee

that the Company will be able to find alternative sources of potential funding, which may or may not be on similar commercial terms, and

may not be obtainable on a timely basis, or at all. If the Private Placement does not proceed, it is likely that the Company would be

unable to continue to develop and commercialise any of its assets and may not be able to continue as a going concern. If any alternative

sources of potential funding are not available, the Directors of the Company believe that it is likely that the Company would be forced

to enter into administration processes shortly after the forthcoming General Meeting.

For more information, please contact:

Biodexa Pharmaceuticals PLC

Stephen Stamp, CEO and CFO

Tel: +44 (0)29 20480 180

Edison Group (US Investor Relations)

Tel: +1 (860) 573 9637

Email: afactor@edisongroup.com

About Biodexa Pharmaceuticals PLC

Biodexa Pharmaceuticals PLC

(listed on NASDAQ: BDRX) is a clinical stage biopharmaceutical company developing a pipeline of products aimed at primary and metastatic

cancers of the brain. The Company's lead candidate, MTX110, is being studied in aggressive rare/orphan brain cancer indications

including recurrent glioblastoma and diffuse midline glioma.

MTX110 is a liquid formulation

of the histone deacetylase (HDAC) inhibitor, panobinostat. This proprietary formulation enables delivery of the product via convection-enhanced

delivery (CED) at potentially chemotherapeutic doses directly to the site of the tumour, by-passing the blood-brain barrier and avoiding

Biodexa is supported by three

proprietary drug delivery technologies focused on improving the bio-delivery and bio-distribution of medicines. Biodexa's headquarters

and R&D facility is in Cardiff, UK. For more information visit www.biodexapharma.com.

Forward-Looking Statements

Certain statements in this

announcement may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom and/or United

States. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are

based on management's belief or interpretation. All statements contained in this announcement that do not relate to matters of historical

fact should be considered forward-looking statements.

Reference should be made to

those documents that Biodexa shall file from time to time or announcements that may be made by Biodexa in accordance with the rules and

regulations promulgated by the SEC, which contain and identify other important factors that could cause actual results to differ materially

from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this

announcement. All subsequent written and oral forward-looking statements by or concerning Biodexa are expressly qualified in their entirety

by the cautionary statements above. Except as may be required under relevant laws in the United States, Biodexa does not undertake any

obligation to publicly update or revise any forward-looking statements because of new information, future events or events otherwise arising.

No Offer or Solicitation

This announcement or any part

of it is for information purposes only and is not intended to and does not constitute an offer to sell or issue or the solicitation of

an offer to subscribe for or buy or an invitation to subscribe for or purchase any securities or the solicitation of any vote or approval

in respect of such actions in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in

contravention of applicable law.

ADDITIONAL INFORMATION

Further Information on the Private Placement

The Directors have considered

the funding requirements for the execution of the Company's business plan. Taking account of Biodexa's existing resources

(less the costs associated with the Registered Direct Offering and Private Placement), the Board expects that the Company would have an

operational cash runway to first quarter of 2024.

Details of the Private Placement