Update on Court Process

RNS Number : 4892T

Redx Pharma plc

13 October 2017

 

13 October 2017

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

REDX PHARMA PLC (in administration)

("Redx" or "the Company")

Permission granted for distribution to Unsecured Creditors

Redx, the drug discovery and development company, announces that Jason Baker and Miles Needham of FRP Advisory LLP, joint administrators of the Company and of its subsidiary, Redx Oncology Limited ("Oncology") (together, the "Companies") 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.

Unless adjourned by the court, the application will be heard on Thursday 26 October 2017.  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.

Further announcements will be made in due course.

For further information, please contact:

Redx Pharma Plc (in administration)
Contact for the Joint Administrators: Chris French James Rossiter	T: + 44 203 005 4000
Cantor Fitzgerald Europe (Nomad & Broker)	T: [phone]
Phil Davies
WG Partners LLP (Joint Broker)	T: [phone]
Claes Spång/ Chris Lee/ David Wilson

About Redx Pharma Plc (in administration)

Company website: redxpharma.com

Jason Baker and Miles Needham have been appointed as joint administrators of Redx Pharma plc (in administration). The company's affairs, business and property are being managed by the joint administrators.

Redx is focused on the discovery and development of proprietary, small molecule therapeutics to address areas of high, unmet medical need, principally in cancer, infection and immunology, providing a pipeline of assets to larger and emerging companies. By improving the characteristics of existing drug classes to create highly differentiated, novel, best-in-class drugs, Redx has already established a broad portfolio of proprietary drug programs.

 

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