Destiny Pharma PLC is set to become part of a growing exodus from the AIM as it put forward plans to scrap its listing.
It would join Redx Pharma, C4X Discovery, e-therapeutics and Byotrol (AIM:BYOT) in exiting the junior markets amid a funding drought and the declining popularity of growth stocks.
Chairman, former Boots boss Nigel Rudd, said a review of Destiny's options had concluded that larger pools of capital may be present in the private arena.
He added: "In summary, while there can be no guarantee, the board believes that the only viable option now available to Destiny Pharma to create future shareholder value is the pursuit of capital as a private company.
"Without taking this route, we believe that liquidation of the company is the most likely alternative."
The clinical-stage biotechnology company is currently looking for a partner to take on the phase III development of its anti-infective XF-73 Nasal.
About the delisting, the board has called a general meeting for July 31 to vote to seek approval for the move.