SUDA Pharmaceuticals Ltd (ASX:SUD) is developing a radically new, first-in-class approach to the treatment of cancer using the drug anagrelide.
The company is also continuing to progress its short-term insomnia treatment, ZolpiMist, for which it is expecting to hear an outcome from its TGA submission in the fourth quarter of 2020.
As well, SUDA is developing products in conjunction with its partners, Sanofi (EPA:SAN), Strides Pharma Global, Laboratorios Ordesa, Zelira Therapeutics (ASX:ZLD) and Cann Pharmaceutical Australia.
Cancer therapy licensing[hhmc]
SUDA had been progressing towards a proposed material licensing transaction in relation to a promising cancer therapy technology from a leading US cancer research institute and, on June 1, 2020, entered into a trading halt, to finalise these arrangements and the arrangements for a proposed capital raising.
The company engaged with ASX in relation to the application of ASX Listing Rules to the proposed transaction and had commissioned an independent expert to opine on the fairness and reasonableness of the proposed transaction.
On this basis, the board was confident that SUDA was in a position to be able to announce the proposed transaction and capital raising when the company was expected to come out of the trading halt on June 3, 2020.
Following SUDAs entry into a trading halt, ASX made a determination that the transaction is of the nature which would, in ASXs view, require the company to re-comply with Chapters 1 and 2 of the ASX Listing Rules for the purposes oRead More – Source
[contf]
[contfnew]
Proactiveinvestors
[contfnewc]
[contfnewc]
