Alchemia oncology demerger plans

9 July 2012

Australia-based Alchemia (ASX: ACL) says it is progressing well with preparations to demerge its oncology assets, with a proposal anticipated to be put to shareholder vote in late September/early October 2012.

Audeo Oncology Inc is a recently created 100% owned US subsidiary of Alchemia that holds the company’s oncology assets and will hold a license to Alchemia’s VAST assets. The company will seek a listing on the USA’s Nasdaq, with the proposed ticker symbol AURX.

Audeo Oncology intends to undertake an initial public offering of shares in the USA, to raise an amount yet to be determined but with a ceiling of $60 million. It is intended that shares in Audeo will be dual listed and are expected to trade as Chess Depository Interests (CDIs) on the Australian Securities Exchange (ASX).

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