REG-Limitless Earth Plc: Further Investment Chronix Biomedical Inc

Limitless EarthAnnouncement

20/09/2019 09:45

20 September 2019

LIMITLESS EARTH PLC

("Limitless" or the "Company")

Further Investment in Chronix Biomedical, Inc.

Limitless Earth plc (“Limitless”), an AIM quoted investing company, is
pleased to announce that it has made a further investment in Chronix
Biomedical, Inc. (“Chronix”), a developer of novel blood-based cancer
molecular diagnostics, of approximately US$100,000.

Limitless previously announced an investment in Chronix on 8 October 2015 of
US$500,000 (approximately £329,511) by way of convertible preference stock at
a price of US$0.40 per share at a valuation of approximately US$69 million.

Chronix is a privately-owned biotech company founded in 1997 which specialises
in simple blood tests (liquid biopsies) for real-time monitoring of the
effectiveness of cancer drugs, including immunotherapies, and rejection of
transplanted organs. The Cancer test is based on a patented technology whereby
the Company can identify gains and losses in cell free DNA that allow them to
determine if a cancer therapy is working. The patented transplant surveillance
test allows the Company to determine if the organ that is transplanted is
being accepted or rejected, and thereby allows the physician to alter the
immunosuppressive drug regimen given to the patient. Chronix has 13 patents
granted or allowed in North America and Europe.

Since the Company’s first investment, Chronix signed it first commercial
agreement in June 2018 with Amedes Medical Services GmbH, a large EU-based lab
group which already processes more than 150,000 laboratory samples daily,
providing an exclusive licence for Germany, Austria, Switzerland and Belgium.
The contract is for 15 years and independent research analysts have estimated
the net present value of the licensing payments to Chronix over the life of
the agreement to be approximately $92 million. Chronix is also currently
negotiating further license agreements with a number of other entities.

Chronix is raising funds in order to provide it with additional working
capital to advance several clinical trials, defend its intellectual property
portfolio and to allow the company to further commercialisation of products in
Europe and North America.

Investment Terms

The Company’s further investment in Chronix comprises US$100,000 unsecured
Convertible Promissory Note ("Note") with an interest rate of six per cent
 per annum.  The principle and all accrued and unpaid interest is due upon
the earlier of (a) immediately prior to the completion of a corporate
transaction; (b) the Company having net cash reserves of at least $2,500,000;
(c) 21 September 2021; or (d) in the event of default by Chronix.

The Company has invested in the Note alongside other investors. The
Convertible Promissory Notes issued rank pari passu, and all payments on
account of principal and interest will be applied proportionately on the basis
of the principal amount outstanding. Conversion is at the election of the
lender and the terms of the Note allow conversion at the same or preferential
terms to future fundraising by Chronix.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

 Limitless Earth plc  Guido Contesso                                              +44 7780 700 091 www.limitlessearthplc.com  
                                                                                                                              
 Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Tony Rawlinson          +44 20 7213 0880 www.cairnfin.com           
                                                                                                                              
 Peterhouse Corporate Finance Limited Broker Peter Greensmith/Charles Goodfellow  +44 20 7469 0930 www.pcorpfin.com           

About Limitless Earth plc

Limitless Earth plc is a proactive investment company that focuses on making
investments in and assisting companies which exhibit the potential to generate
returns through capital appreciation.  Limitless invests in small companies
where there are clear catalysts for value appreciation and the companies are
operating in sectors exhibiting long term growth linked to demographic
change.  Examples of such sectors include cleantech, life Sciences, nanotech,
medtech, recycling, and new Internet opportunities.



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