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Dr Neil Murray of Redx

Bosses at Redx Pharma are working on a deal to take back control of the drug discovery and development company after the shock appointment of administrators last month (May).

Jason Baker and Miles Needham from FRP Advisory were appointed as administrators of Redx and subsidiary Redx Oncology by secured lender Liverpool City Council, which lent 2m to the business five years ago.

The AIM-listed company's chairman, Iain Ross, called the timing of the council's action "extremely unfortunate and quite baffling".

This morning Redx told the stock exchange that the joint administrators were working with its advisers on proposals to rescue Redx and return the company to the control of its directors.

In turn, this would lead to the restoration of trading in Redx's shares, which was suspended upon news of the administrators' appointment.

Redx added that discussions regarding the proposals were at "a relatively early stage" and that there was "no guarantee that these will be concluded successfully in the short term".

Redx, which is led by chief executive Dr Neil Murray, completed an initial public offering on AIM in March 2015 with a market capitalisation at admission of 55.2m. Since then, it has relocated to Alderley Park in Cheshire.

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Redx directors in talks to take back control - Insider Media