Issue of Equity and Directors

RNS Number : 7525P

ValiRx PLC

31 March 2009

 



ValiRx plc

(the 'Company')

Issue of Equity and Directors' Shareholdings

The Company announces that it has conditionally raised £580,000, before expenses, via a placing of 58,000,000 new ordinary shares of 1p each in the Company ('Ordinary Shares') at 1p per share (the 'Placing'). 

The net proceeds from the Placing will be used by the Company to accelerate the regulatory approval process for the launch of its Human Papilloma Virus ('HPV') diagnostic test kit for cervical cancer and to progress its therapeutic products through to first in man clinical trials.

HPV is responsible for over 90 per cent. of all cervical cancer; early detection of the virus is crucial for effective treatment, thereby improving the prognosis of HPV-infected women. The directors believe that the development of the Company's HPV diagnostic kit could make a significant contribution to the health of many women, both young and old. 

Since 2003, under-25s have been excluded from such checks in England due to relatively few cancers being detected and concerns about unnecessary and invasive treatments. However, in 2008 UK researchers found the incidence of high-grade pre-cancerous lesions was increasing in younger women, prompting them to call for screening to be offered from the age of 20. 

The Directors believe that there is a huge market demand for diagnostics systems that rapidly and reliably detect the disease in their early stages. The Company's HPV diagnostics is a new generation screening test, which can be adapted as a point of care high throughput test. The market for HPV is forecast to grow to exceed US$1 billion with HPV testing increasingly replacing the traditional smear test to detect cervical cancer.

The Company has a distribution agreement in place for its HPV test kit and anticipates sales of the product later this year. 

Application has been made for the admission of 58,000,000 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 3 April, 2009. On admission, the Company will have 116,378,365 Ordinary Shares in issue.

Directors' Shareholdings

The following directors of the Company acquired Ordinary Shares in the Placing:

Director	Ordinary Shares acquired	New Shareholding	Percentage
Satu Vainikka	1,000,000	5,358,507	4.60%
Jake Micallef	1,000,000	5,104,340	4.39%
George Morris	1,000,000	3,124,230	2.68%
Nick Thorniley	850,000	1,498,750	1.29%
Kevin Alexander	750,000	1,438,750	1.24%
Gerry Desler	1,000,000	1,083,333	0.93%

Enquiries: 

ValiRx plc	Tel: [phone]
Dr. Satu Vainikka
WH Ireland Limited - NOMAD & Broker	Tel: [phone]
David Youngman / Adrian Kirk
College Hill	Tel: [phone]
Sue Charles / Adrian Duffield / Justine Lamond	[e-mail]

 

END

 

 

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