TME Pharma will seek shareholder approval to reduce the par value of its shares and increase its authorized share capital, the biotech company announced on Friday.

The company plans to convene an extraordinary general meeting for this purpose on January 30 at the Amsterdam offices of law firm Freshfields Bruckhaus Deringer.

TME shares, which were worth $2,200 at the time of its IPO in 2016, are now trading at around 1.4 euros following a share consolidation completed last summer.

In late-morning trading on the Paris Bourse, shares in the specialist in new therapies for the treatment of the most aggressive cancers were up by more than 18%.

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