SalvaRx announced an unsecured $1 million loan. Jim Mellon and Greg Bailey, who are both directors and substantial shareholders of the Company, have each agreed to loan the company $0.5 million ("the Lenders"). Jim Mellon's loan will be made via Galloway Limited. The Loan is repayable within 12 months and attracts interest at 7% per annum. The Company has the right to repay the Loan at any time. If any portion of the Loan is outstanding after 12 months, the Lenders will charge interest of 18% per annum on the outstanding amount. This funding will be used to finance the Company's various drug development programmes and its working capital requirements.