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ValiRx PLC tees up £4mln through convertible issue

The agreement will see Bracknor subscribe for the convertible loan notes in eight equal tranches of £0.5mln
ValiRx PLC tees up £4mln through convertible issue
ValiRx has one drug, VAL201, going through phase I/II trials

Cancer drug developer ValiRx Plc (LON:VAL) has set up a £4mln convertible loan facility with agreement with Bracknor Fund Ltd a private mutual fund incorporated in the British Virgin Islands.

The agreement will see Bracknor subscribe for the convertible loan notes in eight equal tranches of £0.5 million each. As part of the agreement, the Company has agreed to issue warrants to Bracknor. 

ValiRx has one drug, VAL201, going through phase I/II trials, and has made an application to start a second for another cancer treatment, VAL401.

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