Loan to the Diabetic Boot Company Ltd

RNS Number : 6447S

Port Erin Biopharma Investments Ltd

22 December 2016

 

Port Erin Biopharma Investments Limited

("Port Erin" or "the Company")

Loan to the Diabetic Boot Company Limited

Port Erin announces that on 13 October 2016, the Company entered into a loan agreement with the Diabetic Boot Company Limited ("DBC") to provide it with a short-term loan ("Loan") of £200,000 less expenses, for working capital purposes.  The Loan pays a coupon of 7 per cent., is unsecured and is fully repayable on the earlier of 31 March 2017 or the date on which DBC secures additional equity funding of £1,000,000.  Port Erin currently holds 7,105 shares in DBC, representing 0.74 per cent. of the issued share capital of DBC.

In order to provide the funds for the Loan, the Company sold 21,733 shares that it held in the Magna Biopharma Income Fund ("MBIF").  Port Erin's resultant holding in MBIF is 93,831 shares.

Further information on DBC

DBC, founded in 2010 with the HQ in Buckinghamshire, UK and an office in Ohio, USA, is a medical appliances manufacturer, producing patented wearable technology for the treatment of diabetic foot ulcers ("DFU") under the PulseFlowDF™ brand.  The highly specialised device, which allows DFUs the best chance of healing, received US Food and Drug Administration 510k clearance in December 2015 for US sales.  By combining two established treatments: firstly, by offloading body weight to reduce pressure on the ulcer; and secondly, providing intermittent pneumatic compression to improve the circulation of oxygenated blood to the ulcer, both optimising wound healing in the diabetic foot.  A patented device, the PulseFlowDF™ diabetic boot technology is unique insofar as it is currently the only solution that is wearable, allowing the user to walk normally, while the pressure pumping action is powered by the built-in lithium battery.  (Further information is available at http://www.pulse-flow.net).

Enquiries

Port Erin Biopharma Investments Limited	Northland Capital Partners Limited	Peterhouse Capital Limited
	Nominated Adviser and Joint Broker	Broker
Denham Eke (+44) (0) 1624 639396	Matthew Johnson / David Hignell (+44) (0) 203 861 6625	Lucy Williams (+44) (0) 207 469 0936

 

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