(Alliance News) - Redx Pharma PLC on Friday said that UK Panel on Takeovers & Mergers has agreed to extend the deadline for possible cash offer for the entire issued, and to be issued, share capital of the company to 1700 GMT on February 24.
Redx shares closed 14% higher in London at 9.40 pence on Friday.
At the end of December, Redx - a drug discovery firm focusing on fibrosis and cancer - said it was in discussions with Samuel Waksal, the founder of ImClone Systems Inc and Kadmon Pharmaceuticals Inc, about a possible cash takeover offer.
Waksal and his associates were required under the takeovers and mergers code to announce their firm intention to make an offer or not make an offer by 1700 GMT on February 14.
The company said "significant progress has been made in discussions with the bidder" since January. however, Redx Pharma requested a further extension to the PUSU deadline in order to enable to conclude ongoing discussions.
The new deadline is at 1700 GMT on February 28. By this time the Bidder must either announce a firm intention to make an offer for Redx or announce that it does not intend to make an offer for Redx.
Redx Pharma said it has continued to be in dialogue with shareholders and third-party healthcare specialist investors regarding longer-term funding of Redx, as well as considering options to monetise certain assets in the portfolio.
"Significant progress has been made and the board is looking to extend the company's working capital position beyond the end of March, through short-term debt financing," the company noted.
By Loreta Juodagalvyte; email@example.com
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