Redx administrators make moves to return company to directors

Josh White Sharecast | 13 Oct, 2017 14:29 | | |

Redx Pharma

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17:18 23/10/17
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08:30 24/10/17
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08:30 24/10/17

Drug discovery and development company Redx looked to be closer to coming out of administration on Friday, as it announced that Jason Baker and Miles Needham of FRP Advisory LLP - joint administrators of the company and of its subsidiary Redx Oncology - have applied to the High Court for an order which will enable the companies to be rescued as going concerns and the joint administrators to vacate office.

The AIM-traded company said that, unless adjourned by the court, the application would be heard on 26 October.

“Assuming that the application is approved by the High Court, the joint administrators will subsequently take steps to return control of the company to the directors, following which the directors will seek to lift the suspension of the company's ordinary shares.”

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