Biotech company Redx Pharma Plc (LON:REDX) has moved a step closer to coming out of administration and being returned to the directors after a High Court ruling.
The court yesterday approved the application by the joint administrators, FRP Advisory.
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Her Majesty's Revenue & Customs (HMRC) have until 4pm on November 1 this year to apply to vary or discharge the order.
If no application is made, the joint administrators will take steps to return control of the company to the directors without "undue further delay".
If an application is made by HMRC, the court has already directed that the hearing will be expedited.
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AIM-listed Redx has been in administration since May after a £2mln loan from Liverpool City Council made to Redx Oncology fell due.
FRP Advisory subsequently sold one of Redx’s other divisions, its BTK inhibitors business, to US firm Loxo for US$40mln.
Shares remain suspended.