Update on Application to the High Court

RNS Number : 8071U

Redx Pharma plc

27 October 2017

 

27 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")

Update on Application to the High Court

Redx, the drug discovery and development company, announces that yesterday the High Court approved the application by Jason Baker and Miles Needham of FRP Advisory LLP, joint administrators (the "Joint Administrators") of the Company and of its subsidiary, Redx Oncology Limited ("Oncology") (together, the "Companies") for an order which will enable the Companies to be returned to the directors as going concerns and the Joint Administrators to vacate office.

The Court gave Her Majesty's Revenue & Customs ("HMRC") until 4pm on 1 November 2017 to apply to vary or discharge the order.  If no such application is made, the Joint Administrators will take steps to return control of the Company to the directors without undue further delay, including, inter alia, making the necessary filings with Companies House.  If an application is made by HMRC, the Court has already directed that the hearing of it will be expedited.

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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