(Alliance News) - Shares in cash shell SalvaRx Group PLC were suspended on Tuesday as it has failed to meet AIM rules regarding a takeover.
SalvaRx had until Tuesday to make an acquisition under AIM rules, it said, but has failed to do so. It now has another six months to complete a deal or shares will be cancelled.
"The board continues to seek suitable opportunities for a reverse takeover and will make a further announcement at the appropriate time," said the company.
SalvaRX, then a drug firm, has been a cash shell since selling its 95% stake in Portage Biotech Inc for USD67.5 million in January.