Drug discovery and development firm Redx Pharma said it is in discussions over a possible cash offer from an investor group led by biotech industry figure Sam Waksal.
The company said the announcement did not amount to a firm intention to make an offer and there can be no certainty that any offer will be made, with Waksal having until 5pm on 28 January 2020 to make a firm bid or walk away.
The company is trying several avenues to secure funding to take its lead cancer drug to the next stage of clinical trials.
The company is asking shareholders for permission to swap a £2.5mln loan from its largest shareholder, Moulton Goodies, for shares at a price of 5.25p per share.
At 8:29am: (LON:REDX) Redx Pharma Plc share price was +2.13p at 8.75p