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Placing & Issue of Equity

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RNS Number : 8081P
ValiRx PLC
14 October 2019
 

 

 

ValiRx Plc

("ValiRx" or the "Company")

 

Placing & Issue of Equity

 

London, UK, 14 October 2019: ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, announces that it has raised £350,000 of gross proceeds through the issue of 269,230,769 new ordinary shares at a price of 0.13 pence ("Issue Price") per share ("Placing") with new and existing investors through the Company's broker, Novum Securities Limited ("Novum"). 

 

In addition, the Company has settled liabilities amounting to £54,000 through the issue of 41,538,462 new ordinary shares at the Issue Price.

 

Use of Proceeds

The Directors intend that the net proceeds of the Placing will be used to progress the Phase I/II clinical trial of VAL201 to treat prostate cancer and associated metastatic conditions to the conclusion of this stage of the trial and initial data readout, continue the development of ValiRx's pre-clinical VAL301 and VAL101/GeneICE programmes towards the clinic, and for general working capital purposes.

 

Issue of Warrant

The funds were raised through Company's broker, Novum. As part of their fee arrangement, the Company has agreed to issue Novum with a warrant over 26,923,077 ordinary shares in the Company, which can be exercised at a price of 0.13 pence per share until the third anniversary of the issue of the warrant.

 

Issue of Equity

The 310,769,231 new ordinary shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange for the 310,769,231 new ordinary shares to be admitted to trading on AIM ("Admission"). Admission of the 310,769,231 new ordinary shares is expected to occur on or around 11 November 2019.

 

Following Admission, the Company's enlarged issued share capital will comprise 1,334,827,184 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 1,334,827,184 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.

 

Dr Satu Vanikka, ValiRx's CEO, commented:

"I am grateful for the welcome support we have received from both new and existing investors and I and the Company look forward to updating the market with anticipated results from our VAL201 clinical trial against prostate cancer, in the near future".

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

*** ENDS ***

 

For more information, please contact:

 

ValiRx plc

Tel: +44 (0) 20 3008 4416

www.valirx.com

Dr Satu Vainikka, Chief Executive

Tel: +44 (0) 20 3008 4416

Tarquin Edwards, Head of Communications.

Tel: +44 (0) 7879 458 364

[email protected]



Cairn Financial Advisers LLP (Nominated Adviser)

Liam Murray / Jo Turner / Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880



Novum Securities Limited

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 World 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, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: ValiRx PLC

Price: 0.1198

Market: AIM
Market Cap: £1.6 m
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Top stories from the Proactive Investors UK newsroom. ValirX (LON:VAL) has received a boost for its prostate cancer treatment VAL201 after UK regulators approved a substantial increase in the doses allowed in future clinical trials. The phase I/II trial so far has met all primary and...

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