This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Biodexa Pharmaceuticals plc conducts pre-clinical studies of its drug candidates on animals as part of its research and development process. This is a standard, material phase of pharmaceutical development for regulatory approval, where animal models are used to assess the safety and efficacy of new compounds before human trials. The company's license agreements explicitly define "Exploitation" of its compounds to include research and development activities.
Cruelty Free Investing identifies Biodexa as a company that uses animals in its pre-clinical studies. While this is a common industry practice, it constitutes commercial animal testing and falls under the general animal exploitation exclusion category.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.