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4d Pharma PLC - Leeds, England-based pharmaceutical company - Says it has ‘no immediate certainty’ of how it will repay the $13.9 million loan facility it has with Oxford Finance LLC.
It agreed a $30 million senior secured credit facility with Oxford Finance in July 2021, taking out an initial tranche of $12.5 million. Oxford has since demanded immediate repayment of the outstanding loans.
‘The board has been exploring opportunities to secure additional funding for the company in recent months, however this has proved challenging but significant progress had been made, despite the very difficult prevailing market conditions,’ it says.
Adding: ‘The company is not able to make that immediate repayment from its existing cash resources and with no immediate certainty of how that repayment could be made, the board requested that trading in the ordinary shares be immediately suspended pending clarification of the company's financial position.’
As a result, it has seen its shares suspended and has appointed Interpath Advisory as joint administrators.
‘The board intends to work with the joint administrators on proposals to rescue the company as a going concern, albeit there can be no guarantee that this will be successful,’ the firm adds.
Current stock price: 16.30 pence
12-month change: down 84%
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