BiVictriX Therapeutics PLC (AIM:BVX, OTC:BVTXF) has announced plans to delist from AIM and to re-register as a private limited company.
The proposal is part of the company's strategy to better position itself for the development of its next-generation cancer therapeutics, specifically its bispecific antibody drug conjugates.
A general meeting of shareholders is scheduled for August 29, 2024, at the company's registered office in Alderley Park, Manchester, where the proposal will be put to a vote.
Shareholders will also vote on the adoption of new articles of association. The delisting is conditional on the approval of at least 75% of votes cast at the meeting.
BiVictriX has already secured irrevocable commitments from major shareholders, representing approximately 42.5% of its issued share capital, to vote in favour of the resolution.
Chief executive Tiffany Thorn stated: “With a growing pipeline of novel, first-in-class bispecific Antibody Drug Conjugates (bsADC), together with a highly competitive platform in one of the most commercially attractive sectors across the entirety of the oncology drug development market, BiVictriX is well positioned to capitalise on its already strong foundations.
“To maintain our competitive advantage within this space, we intend to progress our pipeline and platform expeditiously, and after extensive review, the board has concluded that this will be best achieved by the company delisting from AIM and re-registering as a private company."
Thorn further emphasised that the current public market valuation “does not reflect the scale of our potential”.
“The directors believe that, as a private company, BiVictriX is likely to have access to a larger quantum of future funding, to enable the business to meet key value inflection points.”