Proteome Sciences enters into £1m loan facility with Vulpes

Proteome Sciences has entered into an unsecured £1m loan facility agreement with Vulpes Lifesciences Fund, it announced on Tuesday, to be used for working capital purposes,

The AIM-traded firm said that, as it announced at the time of its annual general meeting on 30 May, it had been in discussions with a number of larger shareholders who reportedly remained supportive, and would provide non-dilutive funding should it be required to facilitate the evolution of the business.

It said the loan facility would provide it with additional working capital while it continued to invest in growing its services business.

The terms of the Loan Facility were that the loan and accrued interest would be repayable on 31 December 2019, with interest at a rate of 2.5% per annum, calculated daily, above the UK sterling base rate from time to time of Barclays Bank, being 0.5% at the date of the agreement.

Proteome said the loan facility would rank ahead of the non-executive chairman's existing loan, which totalled £8.9m at 31 December 2017 including accrued interest.

“The company will announce its interim results for the six months ended 30 June on 24 July,” Proteome’s board said in its statement.