29th Sep 2021 14:12
Roquefort Investments PLC - London-based investor in early-stage medical biotechnology businesses - Enters non-binding term sheet with Provelmare Holding SA for reverse takeover of 100% of Lyramid Ltd in GBP1 million cash-and-share deal. Australian business Lyramid holds an exclusive worldwide licence for 37 midkine-based therapy patents. To fund transaction, Roquefort will conduct placing to raise up to GBP3 million.
"The respective teams at Roquefort Investments and Lyramid believe the midkine global patent portfolio has significant unrealised value that can be unlocked through pre-clinical drug development utilising oligonucleotide drugs," says Chair Stephen West. "Due to recent progress in oligonucleotide drug development (for example, mRNA used in Pfizer and Moderna Covid-19 vaccines) there is an opportunity to progress the pre-clinical drug development stage rapidly and at a significantly lower cost than historical traditional methods."
Current stock price: 12.40 pence
Year-to-date change: up 83% since March 22
By Josie O'Brien; [email protected]
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