I'd say the deal will involve taking over the shell so a reverse takeover which would save the counterparty listing fees/issuing a prospectus etc. Also would have access to cash balance of $1.5m and tax losses of $100m+ should they satisfy relevant tests.
They aren't purely looking at biotech but it would be good to have something in the life sciences space so that the counterparty might be able to utilise the losses. Unfortunately it looks like they have missed capitalising on the mini bio-boom
Ann: Notice of Annual General Meeting/Proxy Form, page-21
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