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Redx Pharma working with advisers to try and lift share suspension

04:02 EDT 22 Jun 2017 | Proactive Investors

Drug discoverer Redx Pharma Plc (LON:REDX) appears hopeful of lifting the suspension of its shares after engaging in talks with consultants in a bid to get the company out of its current pickle. The Cheshire-based group – which was forced into administration in May – said it is working with its advisers and the administrators on proposals to rescue Redx and return it to the control of its directors. AIM-listed Redx said the discussions are at a relatively early stage and there was no certainty that they will be concluded successfully in the short term. Further announcements will be made in due course, the company added. Redx forced into administration Redx shares were suspended at the end of last month after the company was forced into administration when Liverpool City Council (LCC) called in a £2mln loan. That loan was made to RedX Oncology, a subsidiary of Redx, but the parent company was unable to stump up the money. Redx professed bewilderment at the timing of LCC’s move given that it had been in talks with the council regarding the restructuring of the loan arrangement, but had been unable to reach agreement. The company had been actively seeking to secure alternative sources of finance in order to facilitate repayment of the loan as soon as possible, and offered LCC an immediate payment of £1 million in return for a short grace period in which to repay the outstanding amount. That offer was rejected.

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