Redx Pharma plc Receipt of Outstanding Loan (2669P)
06 February 2019 - 10:25PM
UK Regulatory
TIDMREDX
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 GBP869,126, representing the original capital amount
of GBP713,948 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 & T: +44 20 7894
Joint Broker) 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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END
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