Business
Related party loan
Related party loan.
About this update from Physiomics Plc
[{"type":"text","content":"\n Physiomics PLC\n15 February 2008\n\n\n Physiomics plc ('Physiomics' or 'the Company')\n\n Related party loan\n\n\n\nPhysiomics announces the that it has secured funding of £50,000 from Billam\nplc, a substantial shareholder, in the form of 7% loan notes that expire on 31\nDecember 2009 but are repayable on demand. These loan notes are secured on the\nassets of the Company. The loan is convertible into Physiomics shares at the\noption of Billam plc at the lower of 0.3p per share or a future placing price\n\n\nAs Billam plc is a substantial shareholder, this transaction falls to be\ndisclosed as a related party transaction under Rule 13 of the AIM Rules for\nCompanies.\n\n\nThe Physiomics directors consider, having consulted with the Company's nominated\nadviser, that the terms of the transaction are fair and reasonable insofar as\nits shareholders are concerned.\n\n\nThe funds that are being made available are intended to provide additional\nworking capital until the Company secures additional funding which needs to take\nplace by the end of March 2008.\n\n\nThe Company has also extended the period of an unsecured loan facility of up to\n£100,000 from another shareholder, EiRx Pharma Limited, which has been largely\nutilised, to 31 December 2009. The loan is convertible into Physiomics shares at\nthe option of EiRx Pharma Limited at the lower of 0.3p per share or a future\nplacing price.\n\n\nFor further information:\n\nPhysiomics plc +44 (0)7747 842 446\n\nDr Paul Harper\n\nE-mail: [email protected]\n\nGrant Thornton Corporate Finance +44 (0)20 7383 5100\n\nPhilip Secrett, Colin Aaronson\n\n\nAbout Physiomics plc\n\nPhysiomics plc (AIM:PYC) is a computational systems biology services company\napplying simulations of cell behaviour to drug development to reduce the high\nattrition rates of clinical trials. As 80-90 per cent of all clinical drug\ncandidates fail to reach the market, estimates1 show that an overall ten per\ncent improvement in success rates could reduce the cost of one drug's\ndevelopment by as much as $242 million, from the current estimate of around $800\nmillion.\n\nPhysiomics develops computational systems biology models to predict and\nunderstand cancer drug efficacy from pre-clinical research to clinical\ndevelopment. Physiomics has created detailed mathematical models incorporating\nmost import...