Biodexa Pharmaceuticals PLC-ADR (NASDAQ:BDRX) shares are trading sharply higher Thursday afternoon after the company said it partnered with Syngene International to manufacture both the active pharmaceutical ingredient and dosage form for MTX240, a clinical-stage candidate targeting gastrointestinal stromal tumors, or GIST.

Here’s what investors need to know.

MTX240 Manufacturing Progress Adds A New Development Catalyst

The announcement appears to give investors a fresh development catalyst around MTX240, which Biodexa licensed in early February and is now moving toward GMP clinical trial supply production.

Management said Syngene had previously delivered manufacturing work for the company on time and on budget, which may be reinforcing confidence in execution as Biodexa advances the program.

Biodexa said MTX240 works as a molecular glue designed to trigger cancer-cell death through a mechanism independent of KIT signaling, a potentially important distinction in GIST patients who develop resistance to existing tyrosine kinase inhibitors.

Planned IND Filing And Phase 1b/2a Study Could Mark The Next Major Catalyst

The company plans to file an IND and begin a Phase 1b/2a study toward the end of the year, with the trial expected to include dose escalation followed by an expansion stage in TKI-resistant GIST patients.

RSI Rebounds Sharply From Oversold Territory

BDRX's RSI has spent much of the past several months trending lower, frequently hovering near or below the 30 level, indicating prolonged oversold conditions and weak momentum.

More recently, the RSI has sharply rebounded into the mid-to-upper range, suggesting a sudden surge in buying pressure that could signal a short-term momentum shift.

BDRX Shares Skyrocket Thursday

BDRX Price Action: Biodexa Pharmaceuticals shares were up 61.89%, trading just below $1.00 at the time of publication on Thursday. The stock is trading near its 52-week low of 60 cents, according to Benzinga Pro data.

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