Loan Agreement and Notice of Results

RNS Number : 3317T

Proteome Sciences PLC

03 July 2018

 

          3 July 2018

Proteome Sciences plc

("Proteome Sciences" or the "Company")

Loan Agreement and Notice of Results

The Company announces that it has entered into an unsecured £1,000,000 loan facility agreement ("Loan Facility") with Vulpes Lifesciences Fund ("Vulpes") to be used for working capital purposes,

As announced at the time of the AGM on 30 May 2018, the Company has been in discussions with a number of larger shareholders who remain supportive and will provide non-dilutive funding should it be required to facilitate the evolution of the business. The Loan Facility will provide the Company with additional working capital while it continues to invest in growing its services business.  

The terms of the Loan Facility are as follows:

·    The Loan and accrued interest will be repayable on 31 December 2019 ("Repayment Date");

·    Interest, payable on the Repayment Date, at a rate of 2.5% per annum calculated daily above the UK sterling base rate from time to time of Barclays Bank plc being 0.5% at the date of the agreement ("Interest Rate");

·    The Loan Facility will rank ahead of the Non-Executive Chairman's existing loan which totalled £8.9 million at 31 December 2017 (including accrued interest).

Mr Martin Diggle (NED of Proteome Sciences plc) is director and partner of Vulpes Investment Management and manages the Vulpes Lifesciences Fund. Vulpes is the registered holder of 18.71% of Proteome Sciences. By virtue of Mr Diggle being a director of the Company, and a founder and director of Vulpes Investment Management, and Vulpes being a substantial Shareholder of the Company, the Loan Facility constitutes a related party transaction in accordance with the AIM Rules.  Accordingly, the independent directors, being all directors excluding Mr Diggle, having consulted with the Company's nominated adviser, finnCap, consider the terms of the Loan Facility to be fair and reasonable insofar as the Company's shareholders are concerned.

The Company will announce its interim results for the six months ended 30 June 2018 on 24 July 2018.

For further information:

Proteome Sciences plc
Dr Jeremy Haigh, Chief Executive Officer	Tel: [phone]
Dr Ian Pike, Chief Scientific Officer Richard Dennis, Chief Commercial Officer
finnCap Limited (Nominated Adviser & Broker)
Geoff Nash/Hannah Boros (Corporate Finance) Abigail Wayne (Broking)	Tel: [phone]

About Proteome Sciences plc. (www.proteomics.com)

Proteome Sciences is a leader in applied proteomics offering high sensitivity, proprietary technologies and workflows for mapping cell signalling pathways (SysQuant^®) and for the discovery, validation and assay development of protein biomarkers (TMTcalibrator^™). The company has its headquarters in London, UK, with laboratory facilities in Frankfurt, Germany from where the PS Biomarker Services^™ division provides outsourced proteomics services and proprietary biomarker assays to biopharmaceutical and diagnostics companies and to academia.

Proteome Sciences has patented several novel protein biomarkers for diagnostic and treatment applications in important areas of human therapeutics such as cancer, stroke and Alzheimer's disease, and these are available for license.

This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014

 

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