logo-loader
Energy
view3Legs Resources

3Legs Resources plc set for AIM launch as cancer biotech

The new incarnation of 3 Legs Resources as SalvaRx - a junior cancer drug firm - is set to float in London tomorrow (March 22) following a reverse-takeover and fundraise to bring in £1.95mln.

CancerHeadline_56efe138cfd7a.jpg
Immunotherapy is the new buzz therapeutic area in cancer...

The new incarnation of 3 Legs Resources (LON:3LEG) as SalvaRx - a junior cancer drug firm - is set to float in London tomorrow (March 22) following a reverse-takeover and fundraise  to bring in £1.95mln.

Its plan is to acquire, invest in and operate a portfolio of companies involved in the fast-growing cancer immunotherapy market.

Immunotherapy is  the new buzz therapeutic area and the the immuno-oncology market is expected to grow to US$80 billion worldwide by 2020.

In 2015, SalvaRx acquired 60.5% in iOx, which is developing, under licence from the Ludwig Institute, a series of small molecules for cancer immunotherapy

These compounds activate iNKT cells which preclinical testing suggests can inhibit the growth of tumours.

iOx has a clinical trial sponsorship agreement with the University of Oxford to fund the first in human Phase I/II clinical trial for its lead compound, expected to reduce costs to  SalvaRx.

As revealed earlier this month, 3Legs existing share capital is to be reorganised, with a 100:1 consolidation. Subsequently, new shares will be issued at a price of 35.5p to satisfy the £8.8mln acquisition price for SalvaRx. A £1.95mln share placing will then take place, also at a price of 35.5p.

3Legs will be renamed SalvaRx Group Plc, and as the new AIM shares are admitted to AIM the stock market symbol will be changed to SALV.

Quick facts: 3Legs Resources

Price: 0 0

AIM:3LEG
Market: AIM
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Tlou Energy's Tony Gilby updates on Lesedi production ahead...

Tlou Energy Limited’s (LON:TLOU) Tony Gilby speaks to Proactive London's Andrew Scott ahead a site visit next week. He says they've made an excellent start to flow testing at its Botswana coal bed methane wells. Gilby adds that, like most new CBM wells, the Lesedi operation is expected to...

13 hours, 30 minutes ago

2 min read