A British biotechnology company has joined the march of defections from London’s junior stock market, saying that it will delist its shares and go private.
Redx Pharma, which was floated on Aim in 2015, said that it would proceed with plans to cancel its City listing, citing liquidity constraints, access to the appropriate finance and costs associated with maintaining its listing.
In the latest blow to the City, Jane Griffiths, the group’s chairwoman, said: “Despite completing some of the largest Aim capital-raises for biotech companies in recent years, Redx is still liquidity-constrained on Aim.”
She said the company’s valuation did not reflect its “track record or future potential and is not conducive to raising the level of capital required for our growing clinical portfolio”. As