LONDON (Alliance News) - Redx Pharma PLC on Wednesday said that it received a full cash repayment of GBP869,126, representing the outstanding amount of a loan made in 2014 to Redag Crop Protection Ltd.
The sum represents the original capital amount of GBP713,948 plus outstanding interest to date, the drug discovery company explained.
For financial 2018, the loan was originally treated as a non-current receivable, subsequently impaired, and ultimately de-recognised as an asset.
"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," Redx said.
Redx shares were trading up 4.8% at 6.55 pence each.
