The deal was advised by broker WH Ireland and law firm Cobbetts.

The market capitalisation of the enlarged group – to be called ValiRx – will be around £12 million. David Youngman, head of corporate finance at WH Ireland, comments: “The admission of the enlarged group to AIM is an important step for its business and provides the group with a solid framework to push forward its growth.”

ValiRx is developing a number of diagnostic and therapeutic technologies for the biopharmaceutical industry, including a project which has the potential to freeze the development and growth of cancerous cells.

Sue Johnson, associate in Cobbetts’ public markets team, says: “The biopharmaceutical sector is becoming an increasingly interesting proposition for investors, as it is constantly responding to the need for more and more sophisticated treatments to increasingly prevalent chronic conditions.”

The deal went through following an extraordinary general meeting held by Azure Holdings earlier this month when Barry Gold resigned at director and a string of new appointments were made.