(Alliance News) - BioPharma Credit PLC on Tuesday said Lumira DX Investment Ltd announced an amendment on Monday to its loan agreement with BioPharma Credit, BioPharma Credit Investments V (Master) LP and BPCR Ltd Partnership.

Specialist life sciences debt investment trust BioPharma Credit noted the loan agreement was dated March 2021 with itself as collateral agent and BioPharma Credit Investments and BPCR as lenders, with the latest amendment marking the eleventh instance of altering the agreement.

BioPharma Credit noted LumiraDX's announcement for its subsidiary LumiraDX Investment Ltd, the borrower, which said the minimum liquidity covenant in the loan agreement is now waived until Friday next week.

Before this, BioPharma Credit noted at the end of August that the waiver period would last until Monday this week.

This is providing that the consolidated liquidity of LumiraDX and its subsidiaries during the waiver period must be at least USD5 million, tested on a weekly basis.

The loan agreement was also amended so that the minimum net sales covenant for the trailing twelve-month period ended June 30 will be tested on Friday next week. This was also extended from Monday this week.

Shares in BioPharma Credit were up 0.7% at 68.50 pence in London on Tuesday.

By Greg Rosenvinge, Alliance News reporter

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