Final Loan Note Conversion and Issue of Equity
ValiRx Plc
("ValiRx" or "the Company" or "the Group")
Final Loan Note Conversion and Issue of Equity
London, UK., 27 December 2017: ValiRx Plc (AIM: VAL), a life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering, announces the conversion of the second tranche of the YA II CD, Ltd. ("YA II") Convertible Loan Facility ("CLN").
YA II has elected to convert all remaining US$520,000.00 of its CLN (plus accrued interest of US$1,666.85) from Tranche 2 into 25,222,857 ordinary shares at a conversion price of 1.5429p per share. The conversion price has been calculated on the basis of the conversion formulae stated in the announcement dated 2 September 2016.
No further amounts on Tranche 2 of the CLN remains outstanding. As previously announced Tranches 1 and 3 have been fully repaid and so this is the final conversion under the CLN and ValiRx confirms that there are no further obligations existing between itself and Yorkville and the Company thanks Yorkville very much for its support.
Application for the 25,222,857 ordinary shares will be made to the London Stock Exchange and trading in these shares is expected to commence on or around 3 January 2018. Following the admission of certain warrant and placing shares previously announced in the past week, the Company's issued share capital will comprise of 399,062,717 on admission of the 25,222,857 shares to YA II.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
*** ENDS ***
For more information, please contact:
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ValiRx plc |
Tel: +44 (0) 20 3008 4416 |
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Dr Satu Vainikka, Chief Executive |
Tel: +44 (0) 20 3008 4416 |
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Tarquin Edwards, Head of Communications. |
Tel: +44 (0) 7879 458 364 |
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Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray/Jo Turner/Richard Nash |
Tel: +44 (0) 20 7213 0880 |
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Beaufort Securities Limited (Broker) Jon Belliss |
Tel: +44 (0) 207 382 8300 |
Notes for Editors
About ValiRx
ValiRx is a biotechnology oncology focused company specialising in developing novel treatments for cancer and associated biomarkers. It aims to make a significant contribution in "precision" medicine and science, namely to engineer a breakthrough into human health and well-being, through the early detection of cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing therapeutic candidates early in the development process. By aiming for early-stage value creation, the company reduces risk considerably while increasing the potential for realising value. The group is already in licensing discussions with major players in the oncology field.
ValiRx's two classes of drugs in development, which each have the potential for meeting hitherto unmet medical needs by existing methods, have worldwide patent filings and agreed commercial rights. They originate or derive from Word class institutions, such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents, such as chemotherapy. With the development of target-based agents, primed to attack cancer cells only, less toxic and more effective treatments are now possible. New drugs in this group-such as those in ValiRx's pipeline-promise to greatly improve outcomes for cancer patients.
The Company listed on the AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.
This information is provided by RNS
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