DRUG company C4X Discovery has announced plans to quit the London Stock Exchange's AIM market, in the latest blow to the capital.

The Manchester-headquartered business said the "recent downturn in the financial markets has adversely impacted our share price, and with it, our future ability to raise funds in the public markets".

C4X Discovery added that its current public market valuation "does not reflect the underlying potential of our business or our achievements to date and that this is unlikely to change in the short-tomedium term".

If the decision is approved at a general meeting on 15 April, the move will take effect on 26 April.

C4X Discovery's chief executive Clive Dix said: "We believe that we can potentially access a larger quantum of future funding required to accelerate our strategy as a private company and therefore we believe that a cancellation of the company's admission on AIM is in the best interest for shareholders and for the future of our business as a whole."

(c) 2024 City A.M., source Newspaper