April 13, 2018 / 5:44 AM / 7 months ago

IPO hopeful Polyphor gets Wellcome Trust payment of 970,000 Sfr

ZURICH, April 13 (Reuters) - Swiss drugmaker Polyphor IPO-POLY.S has completed a collaboration with Britain’s Wellcome Trust on developing novel antibiotics, it said on Friday, triggering a convertible loan payment of 970,000 Swiss francs ($1.01 million).

The payment brings the aggregate loan amount to 2.3 million francs, part of a seeding drug discovery award announced in February 2017. Polyphor, which on Monday announced plans to list shares in Switzerland, said it completed the final milestone of its Wellcome collaboration ahead of schedule.

$1 = 0.9628 Swiss francs Reporting by John Miller; Editing by Michael Shields

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