Cancer research firm under threat

CANCER drug research firm EiRx Therapeutics said it will cease trading next week unless it completes a fundraising.

The company, which is based in the Cork Airport Business Park and quoted on London’s Alternative Investment Market, said in November that it would require fresh funding by January if it was to continue trading.

In a statement yesterday, it said it has managed its resources such that it must undertake a fundraising by Friday, February 15, if it is to continue trading beyond that date.

It added that although the company is dependent on the support of shareholder Billam and Peter Hoskins that might be withdrawn at any time.

“Despite the current difficult market conditions, the company is attempting to complete a fundraising package with the support of a shareholder, Billam, which is intended to give the company sufficient working capital to last until the end of 2008,” the statement read.

“Should the company fail to complete a fundraising by February 15, it will be obliged to cease operations,” it added.

EiRx said it would make a further announcement as soon as possible but no later than February 15.

Despite calls to the company yesterday nobody was made available to comment further.

EiRx shares shed 0.04 a penny to 0.03 a penny yesterday — a 57% fall.

In November EiRx said it had been able to postpone a fundraising for longer than anticipated through careful control of expenditure and greater than anticipated grant income.

EiRx was founded in 1999.