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(Alliance News) - Tissue Regenix Group PLC on Monday said it has received another USD417,000 loan under the US government-backed coronavirus business support scheme, taking the total to more than USD1 million.
Shares in Tissue Regenix closed 14% higher at 0.82 pence in London.
The regenerative medical device company said the USD417,000 has already been received and sits alongside the USD629,000 received earlier in the month.
Both of these loans have the same conditions, including a two-year term and 1% annual interest rate deferred for six months.
The principal, however, does not need to be repaid if the funds go towards supporting employee payroll, healthcare, rent, and utlities in the US over the next two months.
Given that Tissue Regenix intends to use the funds for these purposes, is is not expecting to have repay the loan. Its cash runway now extends until after the first week of August at least.
By Anna Farley; annafarley@alliancenews.com
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