Notice of EGM and Placing
ValiRx PLC
07 April 2008
ValiRx plc
(the 'Company')
Notice of General Meeting and Placing
The Company confirms that a circular will be dispatched today to shareholders to
convene a general meeting of the Company to be held at 10:30 a.m. on Friday 2
May 2008 to approve the following resolutions (the 'Resolutions'):
1. an ordinary resolution to increase the authorised share capital of the
company from £5,100,000 to £7,200,000;
2. an ordinary resolution to authorise the Directors to allot relevant
securities (as defined in section 80 of the Act) up to a maximum amount of
£2,000,000; and
3. a special resolution to allow the Directors, subject to the limits set out in
that resolution, to issue shares for cash on a non-pre-emptive basis,
including a specific authority to allot shares up to an aggregate nominal
amount of £2,000,000.
A copy of the circular will be available on the Company's website,
www.valirx.com.
In addition, the Company announces that, subject to the passing of the
Resolutions, it has raised, in aggregate, £599,399.88 via a placing of 9,989,998
new ordinary shares of 6p each in the Company ('Ordinary Shares') at 6p per
share ('Placing Shares') with a warrant attached. Application will be made for
2,516,666 new Ordinary Shares to be admitted to trading on AIM on 11 April 2008.
The admission of the balance of 7,473,332 new Ordinary Shares, which is
conditional on the approval of the Resolutions, is anticipated to occur on 6 May
2008.
The net proceeds from the placing will be used by the Company to fund two areas:
Cancer therapeutic
Currently the preclinical trials on the Company's proposed cancer drug, GeneICE,
are being undertaken at the cost of Cancer Research UK but the preclinical
trials phase are nearing completion. On the assumption that these trials have
been successful, further work at the Company's expense will be required, to
prepare for human trials. Further news on GeneICE is anticipated in the next few
weeks.
Cancer diagnostic
The Company has a 77% interest in ValiBIO which has already commenced work on
commercialising two cancer diagnostic products. These are anticipated to become
revenue generative within the next 12 months period.
Following the admission of all of the Placing Shares, the Company will have
41,603,095 Ordinary Shares in issue.
Attached to each Placing Share will be a warrant to subscribe for one new
Ordinary Share at 10p per share for a period of three years from the admission
of the Placing Shares to trading on AIM.
Contact Details:
ValiRx Plc WH Ireland Limited GTH Communications
Dr Satu Vainikka David Youngman Toby Hall / Jade Mamarbachi
+44 (0) 203 008 4416 +44 (0) 161 832 2174 +44 (0) 20 7153 8035
This information is provided by RNS
The company news service from the London Stock Exchange
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