ValiRx to obtain AIM listing through Azure
ValiRx, a biopharmaceutical company developing a range of anticancer product candidates, plans to join the London, UK, Alternative Investments Market via the reverse take over of Azure Holdings. It is expected that trading in the enlarged group's shares will begin on October 3, reports the UK's Financial Times.
Conditional admission to the AIM is based on ValiRx acquisition of 60.28% of Cronos Therapeutics, with which it has several pharmaceutical products in late-stage development. The company added that it will hold an option to obtain the remaining balance of Cronos shares not held at admission. In addition, AIM listing requires that ValiRx purchases 7.32% of Morphogenesis.
The FT article added that one of the firm's products, GeneICE, which is under development as a treatment capable of "freezing" the development of tumor cells, is currently being assessed by the UK charity, Cancer Research.
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