Port Erin Biopharma Investments Ltd Loan to the Diabetic Boot Company Ltd (6447S)
23 December 2016 - 1:41AM
UK Regulatory
TIDMPEBI
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 GBP200,000
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 GBP1,000,000. 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(TM) 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(TM) 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 Northland Capital Partners Peterhouse Capital
Investments Limited Limited Limited
Nominated Adviser and Broker
Joint Broker
Denham Eke Matthew Johnson / David Lucy Williams
(+44) (0) 1624 639396 Hignell (+44) (0) 207
(+44) (0) 203 861 6625 469 0936
This information is provided by RNS
The company news service from the London Stock Exchange
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