Issue of equity to Cancer Research Technology Ltd

RNS Number : 5892H

ValiRx PLC

17 March 2015

 

17 March 2015

ValiRx Plc

('ValiRx' or the 'Company')

Issue of equity to Cancer Research Technology Limited

The Company announces that it has issued 30,769,231 new ordinary shares in the Company to Cancer Research Technology Limited ("CRT") at a price of 0.26 pence per share in lieu of an £80,000 milestone payment agreement (announced 12 August 2010) owed by the Company to CRT, which became due on 'first patient' dosing in ValiRx's Phase I/II dose escalation clinical trial of its lead compound VAL201, to address cancer in patients with locally advanced or metastatic prostate cancer and other advanced solid tumours.

ValiRx announced on 24 February 2015 that the compound VAL201 was safe and well tolerated at the doses tested.

Dr Satu Vainikka, CEO of ValiRx, commented: "This milestone payment to CRT in shares is both a vindication of our recent progress and a substantial vote of confidence in ValiRx's future prospects.  I welcome CRT to the register as one of our most substantial shareholders and I thank them for their longstanding support."

Application has been made to the London Stock Exchange for the 30,769,231 new ordinary shares to be admitted to trading on AIM on 20 March 2015.  The new ordinary shares will rank pari passu with the existing ordinary shares.

Total Voting Rights

Following admission of the shares detailed above and the placing shares as announced on 6 March 2015, the Company's enlarged issued share capital with effect from 20 March 2015 will comprise 3,772,151,745 ordinary shares of 0.1p each ("Ordinary Shares") with voting rights. The Company does not hold any shares in treasury. This figure of 3,772,151,745 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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For more information, please contact:

ValiRx plc	Tel: [phone]
Dr Satu Vainikka	www.ValiRx.com
Cairn Financial Advisers LLP (Nominated Adviser)	Tel: [phone]
Liam Murray / Avi Robinson
Daniel Stewart & Company Plc (Broker)	Tel: [phone]
Martin Lampshire
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]

Notes for Editors

ValiRx Plc

ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.

The Company listed on AIM in October 2006 and is creating a portfolio of innovative products through investment in specific development projects. It actively manages projects within this portfolio as a trading company and is not an investment vehicle. The ValiRx business model spreads the risks of life science technology developments by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.

The Company operates through the following divisional companies:

1. ValiFinn is the biomarkers and diagnostic development division

2. ValiPharma is the therapeutics division with two embedded technologies primarily directed at the treatment of cancers.

 

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