Medlab Clinical has told shareholders it has received “several indicative bids” as part of a “proposed restructure” with the process now closed and law firm Nova Legal engaged to advise on the offers.
The firm said the bids varied “in request, asset, structure, and optionality” and that it will make an announcement as soon as the board has finalised terms and entered into an agreement.
Medlab’s shares were suspended by the ASX in late February after the company ran into financial trouble having failed to list on the NASDAQ. Its assets include pain-relief medication NanaBis and the NanoCelle drug-delivery technology.
In an effort to manage cash, the firm said CFO Kerem Kaya and CEO Sean Hall will further reduce their hours and work on an ad-hoc basis while the proposed deal is finalised.
The pair’s full-time employment contracts have been terminated, but both have entered into consulting agreements, with Hall remunerated at a rate of A$285 plus GST per hour and continuing as a director.
In an update to the ASX in August, Hall told shareholders the firm’s operations were expected to “conclude” this month adding details of “transactions” would be provided to shareholders along with a notice to hold an extraordinary general meeting in September, or the “soonest possible date”.
Meanwhile, Medlab said a recent email circulated by consultancy firm Hall Chadwick regarding expressions of interest in a medical company was not related to Medlab.
Hall Chadwick was drafted in earlier this year to oversee a restructure of the company.