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Entelos Inc

  • BY: Andrew Hore |
  • POSTED: 01/06/2009 |

Entelos Inc is the latest international company that intends to cancel its Aim quotation.

This sparked a 3.25p fall in the share price to 3p, which values Entelos at 1.97m.

The latest proposed cancellation follows on from mobile phone marketing company Hipcricket announcing on the 29 May it wanted to leave Aim.

California-based Entelos develops predictive biosimulation models, which can be used instead of animals to test drugs. Management has tried to raise money through share issues but found it difficult. It says that potential investors would rather make an investment in a private company.

Entelos is still finalising revised terms for its loan from Imperium Master Fund. Imperium supports the Aim cancellation. Entelos has until 24 July to revise the terms of the loan facility.

Entelos needs 75% of the votes at the general meeting on 23 June. The largest 13 shareholders own around 90% of Entelos. If most of these are happy with cancelling the Aim quotation then it is likely to go ahead and dealings will end on 1 July. 

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