Minomic International has announced it has received shareholder approval to approve the demerger of its therapeutic subsidiary, GlyTherix, at a recent extraordinary general meeting.
The company said the demerger follows consultation with the investment community and potential license partners in Australia and the US.
Following the consultation, Minomic said its board and management determined these parties view the diagnostic and therapeutic activities as separate and distinct businesses "wishing to invest in either one but generally not wishing to invest in both."
"Minomic’s Board formed the view that separation of the Company’s diagnostic and therapeutic businesses would assist the near-term commercialisation of the MiCheck test via a licencing deal," it said in a statement.
"Additionally, the demerger will facilitate fundraising for the next steps for the therapeutics business, including a full Phase 1 trial of Miltuximab."
Acccording to CEO, Dr Brad Walsh, “Completing the demerger is an important step in clearing the way to maximise the value of both the company’s therapeutic and diagnostic assets ensuring that we provide the best possible return for all our stakeholders.” “The support received from our shareholders confirmed this was the right strategy.”