Placing to raise £1.16m and Proposed Subscription
ValiRx Plc
("ValiRx" or "the Company")
"VALIRX RAISE £1.16M TO ACCELERATE CLINICAL TRIALS IN VAL201 & VAL401"
PLACING AND PROPOSED SUBSCRIPTION
London, UK., 01 March 2017: ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, is pleased to announce a placing to raise £1.16 million.
Placing
The Company has raised £1.16 million of gross proceeds through the issue of 46,509,015 new ordinary shares at a price of 2.5 pence per share ("Placing Shares"). Beaufort Securities Limited ("Beaufort") conducted the placing. In addition, certain Directors of the Company intend to subscribe for £30,000 of new ordinary shares on the same terms as the placing - a further announcement will be made in due course.
Use of proceeds
The net proceeds of the placing will be used predominantly for:
· The clinical development of VAL401;
· The dose expansion of the VAL201 trial in a multi-centre study;
· Supporting the opening of additional trial centres to aid recruitment and completion of the clinical trials for VAL401 and VAL201, and
· For general working capital purposes and business development.
Admission
Application has been made to the London Stock Exchange for the 46,509,015 Placing shares to be admitted to trading on AIM. Admission of the 46,509,015 Placing Shares ("Admission") is expected to occur on or around 15 March 2017. The new ordinary shares will rank pari passu with the existing ordinary shares. Following the issue of the Placing Shares, the Company's share capital will comprise of 132,156,204 ordinary shares.
Issue of warrants
The Company has entered into a warrant instrument pursuant to which, subject to and conditional on Admission of the Placing Shares, and the passing of the requisite shareholder resolution(s) of the Company ("Resolutions"), the Company shall grant the placees warrants to subscribe for 46,509,015 ordinary shares in the capital of the Company at an exercise price of 5p per share. The warrants may be exercised at any time in the period expiring on the second anniversary of the date of Admission of the Placing Shares.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
*** ENDS ***
For more information, please contact:
|
ValiRx plc |
Tel: +44 (0) 20 3008 4416 |
|
Dr Satu Vainikka, Chief Executive |
Tel: +44 (0) 20 3008 4416 |
|
Tarquin Edwards, Head of Communications. |
Tel: +44 (0) 7879 458 364 |
|
Mark Treharne, Corporate Development Manager |
Tel: +44 (0) 7736 564 686 |
|
Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Jo Turner |
Tel: +44 (0) 20 7213 0880 |
|
Beaufort Securities Limited (Broker) Jon Belliss |
Tel: +44 (0) 207 382 8300 |
Notes for Editors
ValiRx Plc
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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