(AZM.L) Alizyme PLC Buy/Sell

LONDON, July 24 (Reuters) - British biopharmaceutical firm Alizyme has agreed to appoint Grant Thornton as administrators because it no longer expects to be able to agree a refinancing deal with its lenders.
The company said it had been notified by Prometheus Laboratories that a complaint had been filed with the United States District Court, Southern District of California regarding an alleged breach of a licence agreement between Prometheus and Alizyme.
Alizyme said in June that it did not expect to have sufficient funding to last beyond the end of August and would be unable to continue as a going concern without urgently raising additional funds.
At that time, it said it was in talks with its commercial partners to mitigate increased funding obligations in relation to its licensing and development agreements.
Alizyme said on Friday it no longer believes that it will be able to successfully conclude those discussions and therefore cannot refinance the company in a timeframe which would give it sufficient cash reserves to continue trading.
The company, whose shares were suspended prior to the announcement, said it expected to appoint the administrators either Friday or on July 27.
(Reporting by Matt Scuffham) Keywords: ALIZYME/

(matthew.scuffham@reuters.com; +44 20 7542 6734)

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