(Alliance News) - Biotechnology company Tiziana Life Sciences PLC on Wednesday said it will demerge its StemPrintER and SPARE by the end of 2020.
Tiziana shares surged 17% to 160.00 pence each in London on Wednesday morning.
The entity holding the prognostic test assets will be named Accustem Sciences Ltd and Tiziana eyes a London IPO in the fourth quarter of the year and potentially a Nasdaq listing in 2021. A prognostic test predicts the likelihood of a patient developing a disease.
Tiziana said it will complete the demerger by declaring a dividend in specie equal to the GBP3.1 million value of its holding in StemPrintER Sciences, the unit which holds the StemPrintER and SPARE assets. The
Before the demerger, Tiziana will meet with its shareholders on October 2 to receive their approval. Following this, a court meeting will occur to approve a reduction of capital, something Tiziana eyes sealing on October 29.
By Eric Cunha; ericcunha@alliancenews.com
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