Administrators in High Court move for drug discovery firm to be ‘going concern’

Administrators of Cheshire-based drug discovery company Redx Pharma have applied to the High Court for an order which enable the firm and its subsidiary Redx Oncology to be rescued as going concerns.

If successful, joint administrators, Jason Baker and Miles Needham of FRP Advisory, will vacate office.

The application is due to be heard on Thursday, October 26, unless adjourned by the court.

A statement from the listed Alderley Park company said: “Assuming that the application is approved by the High Court, the joint administrators will subsequently take steps to return control of the company to the directors, following which the directors will seek to lift the suspension of its ordinary shares.”

Administrators were called in by Liverpool City Council following an ongoing dispute over a £2m loan that matured at the end of March.

Liverpool Council’s fall out with the company came after it relocated from Liverpool to Alderley Park in Cheshire towards the end of last year.