Proactive Investors - Run By Investors For Investors

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.
3Legs Resources plc set for AIM launch as cancer biotech
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.

View full 3LEG profile View Profile

3Legs Resources Timeline

Related Articles

A map of Buru tenure in the Kimberley region of Western Australia's northwest
March 22 2019
Buru’s chairman Eric Streitberg will speak at an energy and minerals conference in Brisbane next Wednesday.
oil well
July 01 2019
Company has production and exploration interests in shale licences in the US and Australia
oil wells
May 15 2019
Currently seeking debt package to fund drilling programme in Canada

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use