THE AIM market has continued to shrink, with Redx Pharma being the latest company to pull away from the London Stock Exchange's scale-up public market.

In a statement, the Cheshirebased drug developer said it would be seeking to becoming a private company, citing liquidity constraints from the AIM market as holding back its valuation.

In addition to liquidity, Redx pointed to share price volatility, access to financing and the high costs and regulatory burdens of maintaining a public company.

Over the last five years, the company has delivered six molecules and that are in clinic and established four major partnering deals.

In February, it was rumoured that the company was in the process of listing in the US, which it denied, adding that it was not in the process of listing in any other jurisdiction.

Jane Griffiths, chair of Redx, said the decision came following an extensive review, where its board had "unanimously concluded" that the decision was in the best interests of the company and its shareholders.

(c) 2024 City A.M., source Newspaper