22nd Apr 2016 07:38
LONDON (Alliance News) - SalvaRx Group PLC on Friday said it has invested in US-based firm Intensity Therapeutics Inc as part of a funding round and said it has issued convertible loan notes to the SalvaRx chairman and a non-executive director.
SalvaRx has invested USD2.0 million to take a 9.2% stake in Intensity Therapeutics, which is working on a new approach to treating tumours.
Intensity's DfuseRx platform identifies new formulations which can use approved or effective cytotoxic of other anti-cancer agents for direct injection into solid tumours.
"This investment provides SalvaRx with an opportunity to support the development of an important oncology product that could begin clinical trials this year," said Ian Walters, chief executive of SalvaRx.
Separately, SalvaRx said it has issued USD1.0 million in zero coupon convertible unsecured loan notes to SalvaRx Chairman Jim Mellon and Non-Executive Director Greg Bailey.
Each will subscribe for USD500,000 in notes. The notes have a three-year term, a zero percent coupon, and are convertible at the noteholder's discretion at 35.5 pence per share.
SalvaRx shares were down 3.0% to 31.04 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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