Redx Pharma PLC on Monday said it extended the term of its outstanding convertible loan notes issued to two lenders RM Special Holdings 3 LLC, otherwise known as Redmile, and Sofinnova Crossover I SLP by a year.

Macclesfield, England-based Redx Pharma, a clinical-stage biotechnology company focused on discovering and developing targeted therapeutics for the treatment of fibrotic disease and cancer, said the term of the notes had been extended to August 4, 2024 - the fourth anniversary of the purchase date of the notes.

As of Monday, the total principal amount of the outstanding notes issued to the tenders is £17.1 million, of which Redmile holds notes with an outstanding principal amount of around £11.2 million and Sofinnova with an outstanding principal amount of around £5.9 million.

Redx Pharma said each lender is entitled at any time to convert all of part of its outstanding notes into new Redx Pharma shares at a conversion price of 15.5 pence per share.

Shares in Redx Pharma were up 5.4% to 27.40p each in London on Monday late morning.

Before August 4, 2024, when the term of the notes end, both Redmile and Sofinnova are entitled to further extend the term of the outstanding notes to the next anniversary of the purchase date.

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