Business
Conversion of Debt into Equit
Conversion of Debt into Equit.
About this update from Physiomics Plc
[{"type":"text","content":"\n RNS Number : 0362X Physiomics PLC 06 August 2009 \n \nPhysiomics plcThe Magdalen CentreThe Oxford Science ParkRobert Robinson AvenueOxfordOX4 4GAUK\n\nTel 01865 784980\nFax 08701 671931\n6 August 2009 \nPhysiomics plc \n('Physiomics' or 'the Company')\n\nConversion of Debt into Equity\n\nThe directors of Physiomics (AIM: PYC) today announce that they have issued and allotted 24,556,640 ordinary shares of 0.04p each in the capital of the Company ('Ordinary Shares') at a price of 0.1p per ordinary share to Neil Andrew Bennett, liquidator for and on behalf of EiRx Pharma Limited (the 'Creditor'). The Ordinary Shares were issued in respect of the conversion of £24,556.64 of loan note principal and accrued interest held by the Creditor into equity. \n\nThe £24,556.64 represents the remaining balance and accrued interest of a £100,000 loan note issued to the Creditor on 24 October 2006 (the 'Loan Note') £86,500 of the Loan Note was previously converted into equity on 12 December 2008. \n\nApplication has been made for the Ordinary Shares to be admitted to trading on AIM, and admission in the Ordinary Shares is expected to commence on or around 12 August 2009.\n\nAs a result of the issue of these Ordinary Shares, Physiomics will have 649,195,699 Ordinary Shares in issue with voting rights and EiRx Pharma Limited will hold 130,915,825 Ordinary Shares equating to 20.17% of the issued share capital of the Company.\n\nEnquiries:\n\nPhysiomics plc \nDr Christophe Chassagnole, COO \n+44 (0)1865 784980\n\nWH Ireland Limited\nKaty Mitchell\n+44 (0) 161 832 2174\n\nAbout Physiomics plc\nPhysiomics (AIM:PYC) is a computational systems biology services company applying simulations of cell \nbehaviour to drug development to reduce the high attrition rates of clinical trials. As 80-90 per cent of\nall clinical drug candidates fail to reach the market, estimates1 show that an overall ten per \n\ncent. improvement in success rates could reduce the cost of one drug's development by as much as $242 million, from the current estimate of around $800 million.\nPhysiomics develops computational ...