20th Sep 2019 14:06
(Alliance News) - Limitless Earth PLC on Friday said it has made a further investment in Chronix Biomedical, Inc, a developer of novel blood-based cancer molecular diagnostics, of USD100,000.
The AIM-listed investing company has previously invested USD500,000 in Chronix by way of convertible preference stock. Since then, Chronix signed it first commercial agreement with Amedes Medical Services GmbH, a laboratory firm.
The contract is for 15 years and independent research analysts have estimated the net present value of the licensing payments to Chronix over the life of the agreement to be USD92 million.
Limitless Earth's further investment in Chronix comprises USD100,000 unsecured convertible promissory note with an interest rate of 6% per annum, it said.
Limitless Earth shares were untraded on Friday in London, last closing at 9.80 pence each.