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Related Party Loan of US$1 million

26 Jun 2018 07:00

RNS Number : 5230S
SalvaRx Group plc
26 June 2018
 

 

 

 

SalvaRx Group plc

("SalvaRx" or the "Company")

Related Party Loan of US$1 million

SalvaRx (LON: SALV), a biotechnology company focused on immunotherapy for cancer, announces an unsecured US$1 million loan (the "Loan").

Jim Mellon and Greg Bailey, who are both directors and substantial shareholders of the Company, have each agreed to loan the Company US$0.5 million ("the Lenders"). Jim Mellon's loan will be made via Galloway Limited, a company owned by a trust of which he is a life tenant.

The Loan is repayable within 12 months and attracts interest at 7% per annum. The Company has the right to repay the Loan at any time. If any portion of the Loan is outstanding after 12 months, the Lenders will charge interest of 18% per annum on the outstanding amount. This funding will be used to finance the Company's various drug development programmes and its working capital requirements.

Ian Walters, CEO of SalvaRx, said "The Company has built its drug pipeline into an interest in ten programmes, one of which is in clinical testing. With this further support from Jim Mellon and Greg Bailey, we are able to continue to progress the various programmes as we investigate further funding and development opportunities."

Related Party Transactions

The subscriptions for the Loan by Mr Mellon and Dr Bailey constitute related party transactions under Rule 13 of the AIM Rules for Companies. The independent directors, being Ian Walters, Kam Shah, Richard Armstrong and Colin Weinberg, consider, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

-Ends-

 

 

SalvaRx Group plc

 

Ian Walters (Chief Executive)

Tel: +1 203 441 5451

 

Northland Capital Partners Limited

Nominated Adviser and Broker

Tel: +44 (0) 20 3861 6625

 

 

Matthew Johnson / Edward Hutton (Corporate Finance)

John Howes (Corporate Broking)

 

Peterhouse Corporate Finance Limited

Joint Broker

Lucy Williams / Duncan Vasey

Tel: +44 (0) 20 7469 0932

 

For more information please visit: www.salvarx.io

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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