Cork-based drug discovery firm Eirx Therapeutics has applied to put its wholly owned Irish subsidiary Eirx Therapeutics into liquidation and lost its CEO.

Chief executive Colin Telfer has been made redundant as part of the liquidation process and resigned as a director, it was confirmed today.

Directors John Pool, Nick Strong and Tom Cotter are “working to put together a plan designed to secure the future of the company based around its other operating business, Auvation Limited.”

The shares were suspended last month as the company struggles to secure sufficient funds to keep going.

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