Redx Pharma Plc (LON:REDX)

Redx Pharma Plc (LON:REDX)


Share Price
5.25 p
Change
0 (0.00 %)
Market Cap
£6.64 m
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Redx Pharma Plc RNS Release

Receipt of Outstanding Loan


RNS Number : 2669P
Redx Pharma plc
06 February 2019
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

REDX PHARMA PLC

 

("Redx" or "the Company")

 

Redx confirms receipt of outstanding loan

 

Alderley Park, 06 February 2019 Redx (AIM: REDX), the drug discovery and development company focused on cancer and fibrosis, announces that, following the sale of significant assets by Redag Crop Protection Ltd (Redag), the repayment criteria for a loan previously granted to Redag by Redx in October 2014 has been met.

 

As a result, Redx confirms that it has now received a full cash repayment of £869,126, representing the original capital amount of £713,948 plus outstanding interest to date.

 

As disclosed in note 17 to the Accounts for the year ended 30 September 2018, the loan was originally treated as a non-current receivable, subsequently impaired, and ultimately derecognised as an asset in the accounts for the year ended 30 September 2017 as a result of the conditionality attached to the repayment. Notwithstanding this,  the directors continued to seek repayment and are pleased that this has now been achieved. The funds will be used to augment working capital.

 

Accordingly the cash receipt will be disclosed in the statement of comprehensive income for the year ending 30 September 2019.

 

For further information, please contact:

 

Redx Pharma Plc

T: +44 1625 469 920

Lisa Anson, Chief Executive Officer

 

 

 

Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker)

 T: +44 20 7894 7000

Phil Davies

 

 

 

WG Partners LLP (Joint Broker)

T: +44 20 3705 9330

Claes Spång/ Chris Lee/ David Wilson

 

 

 

FTI Consulting

T: +44 20 3727 1000

Simon Conway/Stephanie Cuthbert

 

 

About Redx Pharma Plc 

 

Redx is a UK based biotechnology company whose shares are traded on AIM (AIM:REDX). Redx's vision is to become a leading biotech focused on the development of novel precision medicines that have the potential to transform treatment in oncology and fibrotic diseases.

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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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