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: [phone]
Lisa Anson, Chief Executive Officer
Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker)	T: [phone]
Phil Davies
WG Partners LLP (Joint Broker)	T: [phone]
Claes Spång/ Chris Lee/ David Wilson
FTI Consulting	T: [phone]
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.

If you would like to sign up to regular alerts from Redx Pharma, please follow this link https://www.redxpharma.com/investors/email-alerts/

 

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