Related Party Transaction (6322K)

TIDMGMX

RNS Number : 6322K

Reliance GeneMedix PLC

19 July 2011

FOR IMMEDIATE RELEASE 19 July 2011

Reliance GeneMedix plc

(AIM: GMX)

Reliance GeneMedix plc (the "Company"), the AIM listed biopharmaceutical company, announces that it has entered into a further loan agreement with its parent company, Reliance Life Sciences ("RLS"). This further loan is in addition to that announced by the Company on 24 December 2009 and its principal terms are as follows:

-- Total amount: Up to EUR10 million

-- Drawdown period: Up to 31 March 2013

-- Interest: 7 per cent. per annum

-- Type: Unsecured

-- Repayment: In three equal installments on 31 March 2014, 2015 and 2016

The independent directors of the Company, namely Dr. R. A. Mashelkar, Mr Dileep Choksi and Mr Atul Dayal consider, having consulted with the Company's nominated adviser, that the terms of the above transaction are fair and reasonable insofar as the Company's shareholders are concerned.

In accordance with AIM Rule 26, a copy of this announcement is available on the Company's website at www.genemedix.com.

ENQUIRIES:

Reliance GeneMedix plc Tel: +353 57 932 3572

Vinay Ranade, Chief Executive Officer

Deloitte Corporate Finance Tel: +44 (0)20 7936 3000

Jonathan Hinton, John Ball

Lothbury Financial Services Limited Tel: +44 (0)20 7868 2567

Michael Padley

This information is provided by RNS

The company news service from the London Stock Exchange

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