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5.75 -0.10 (-1.71%)

Bid:

5.70

Ask:

5.80

Spread: 0.10 (1.754%)

Market Cap: £61.50m

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IN BRIEF: Shield Therapeutics to gain USD10 million loan from AOP

Mon, 01st Aug 2022 19:38

Shield Therapeutics PLC - Newcastle, England-based commercial-stage pharmaceutical company - Existing shareholder AOP Health International Management agrees to loan USD10 million to Shield, which will draw it down in a single tranche, and being secured over Shield's US intellectual property rights.

The loan carries interest of 9.1% above the secured overnight financing rate, and AOP has requested the conversion of 41.2 million shares at a price of 5.5 pence each.

"Shield is very pleased and fortunate to be able to count on the continued support by an established and international renown pharmaceutical company like AOP, which has been one of our cornerstone investors from the inception of the business," said Chief Executive Officer Greg Madison.

Current stock price: 6.30 pence

12-month change: down 85%

By Dayo Laniyan; dayolaniyan@alliancenews.com