15th Feb 2019 18:30
LONDON (Alliance News) - Realm Therapeutics PLC on Friday under a previously announced strategic review proposed the sale of its hypochlorous acid assets to Urgo US Inc for USD10 million and the delisting of its shares from trading on AIM.
The biopharmaceutical company said it agreed the sale of certain assets, including the Vashe wound care royalty stream, HOCI related equipment, intellectual property, program records, and certain contracts and intellectual property licenses to Urgo.
Furthermore, the company said that on completion of the disposal, expected on March 28, it will become a cash shell if the delisting of its shares from AIM has not occurred yet.
However, the firm's board is seeking shareholder approval for an AIM delisting to take place immediately before completion of the sale. If approved, Realm expects the delisting to take effect from March 27 with the last day of trading of its shares on AIM being March 26.
Realm Therapeutics shares closed down 1.8% at 6.75 pence each.