ERX Eirx Therap.

    RNS Number : 0821Z
  EiRx Therapeutics PLC
  15 July 2008
   

    15 July 2008
    EiRx Therapeutics plc ("EiRx" or "the Company")
    Update on financial position
    The Company announced on 19 February 2008 a funding package designed to give the Company working capital for twelve months. The
components of the package have been put in place with the exception of the additional secured bank borrowings of up to �350,000, to replace
the then existing facility of �200,000. 
    Notwithstanding the fact that Billam AG agreed to extend its guarantee to �350,000 and has offered substantial assets as additional
security, the Company's bankers have, in line with what the Company understands to be a recent change in policy, withdrawn their support and
have declined to provide the replacement �350,000 facility. As the Company has paid back the �200,000 loan in accordance with its terms, it
is facing a substantial shortfall of the order of �350,000 in its finances and is unable to confirm whether it will be able to secure
alternative funding before September, when the �300,000 loan facility from Billam AG becomes available. 
    Billam AG remains supportive of the Company and with its help the EiRx board is currently seeking to put replacement funding in place. 
As it cannot be certain if and when alternative funding will become available, the Company has requested a suspension of trading in its
shares pending clarification of its financial position.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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