28th Feb 2019 14:06
LONDON (Alliance News) - Biotechnology firm Redx Pharma PLC on Thursday said it has changed the lease agreement at its Alderley Park headquarters in Cheshire, England, reducing the amount of rental space.
It will issue to its landlord, Alderley Park Ltd, a warrant to acquire 750,000 shares. This is part of a cost saving measure by the company that has seen it reduce its space requirements at the headquarters by 57%.
The plan to reduce its "accommodation footprint" was announced alongside Redx's annual results in November. The results showed that, in the year to September 30, Redx had swung to a GBP10.1 million pretax loss from a GBP2.0 million profit the year before after its revenue fell to GBP129,000 from GBP30.5 million.
Shares in Redx were down 7.1% at 6.50 pence on Thursday.
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