LONDON (ShareCast) - Online personal health and well-being group Fitbug has secured a £1.75m loan to help it develop the business and fight a court case.

Fitbug said it had agreed the loan from NW1 Investments Limited and Kirsh Group subsidiary Kifin.

The loan is repayable by July 31st next year and will accrue interest at a rate of 5% per year, payable on a quarterly basis.

The US District Court of Northern California has set a trial date of February 9th 2015 to hear the company's legal action against Fitbit Inc over alleged trademark infringement.

Chief Executive Malcolm Fried said "The support of NW1 Investments Limited and the Kirsh Group leaves the business well-placed to continue developing both its products and trading relationships and also to pursue the legal action."

Shares closed up 0.08 or 17.6% to 0.5p in London.

PW

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