Redx Pharma PLC (LON:REDX) has extended discussions over a possible takeover offer to 28 February from 14 February.
In an announcement on Friday afternoon, the drug developer said the ‘put up or shut up’ deadline for a bid by a consortium of investors has been extended for the parties to conclude ongoing discussions.
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Redx added that it was also in dialogue with shareholders and third-party healthcare specialist investors regarding longer-term funding as well as how to monetise certain assets in its portfolio.
The company said “significant progress” has been made and that it is looking to extend its working capital position beyond the end of March 2020 through short-term debt financing.