Placing and grant of warrants
ValiRx Plc
("ValiRx" or the "Company")
Placing and grant of warrants
London, UK., 04 May 2018: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company, is pleased to announce it has conditionally raised £0.95 million of gross proceeds through the issue of 47,500,000 new ordinary shares at a price of 2.0 pence per share ("Placing Shares"). The funds will be used for progressing the clinical trial of VAL201 and for advancing the pre-clinical programmes, VAL101 and VAL301, in their preparatory studies prior to their entering the clinic, as has been previously announced. The funds were raised through the Company's broker, Novum Securities Limited ("Novum").
Application will be made to the London Stock Exchange for the 47,500,000 new ordinary shares to be admitted to trading on AIM. Admission of these shares is expected to occur on or around 14 May 2018.
The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company.
The Company has agreed to grant Novum a warrant to subscribe for 1,800,000 shares at an exercise price of 2.5 pence per share. The warrants may be exercised (subject to the requisite shareholder authorities being in place) at any time in the period expiring on the third anniversary of the date of this announcement.
Following Admission of the Placing Shares, the Company's enlarged issued share capital will comprise 454,962,717 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 454,962,717 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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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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/Ludo Lazzaretti |
Tel: +44 (0) 20 7213 0880 |
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Novum Securities Limited (Broker) Colin Rowbury |
Tel: +44 (0) 20 7399 9400 |
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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