Shares in ValiRx PLC (AIM:VAL) fell 46% in early trading after it unveiled a heavily discounted share offering.
The life sciences company plans to raise up to £1.57 million. Proceeds will fund a range of research and development activities, including formulation and preclinical testing for CytoLytix, the expansion of its cancer applications, and combination therapy trials.
They will also support new evaluation projects, licensing opportunities, and operating costs, supplemented by tax credits and grants.
Shares, issued at 0.65 pence each, will include warrants for participants.
In early trading, the stock was off 0.7p at 0.8p.