EiRx Therapeutics aims for share issue

EiRx Therapeutics will require fresh funding by January if it is to continue trading. The company, based in the Cork Airport Business Park and quoted on London’s Alternative Investment Market, says it is seeking shareholder approval to issue new shares for cash to new investors.

The share issue will require a capital reorganisation as EiRx shares are now trading below their nominal value.

“The company currently generates limited revenue and needs to raise funds to support its operations. It has been able to postpone a fundraising for longer than anticipated through careful control of expenditure and greater than anticipated grant income,” it said in a statement.