Drug developer ValiRx (LON:VAL) has raised £2.45mln through a subscription arrangement with financier Yorkville.
The arrangement involves a share subscription at 30.018p per share with the proceeds to help fund the drug developer’s therapeutic, biomarker and intellectual property developments.
ValiRx has also agreed an equity swap arrangement over 6.43mln shares that will see Yorkville interested in 21.3% of its share capital on completion.
Satu Vainikka, ValiRx’s chief executive, said: "We have successfully worked with Yorkville previously and, at this key stage in the company's development, we are appreciative of the benefit their support gives to the continued rollout and progression of our drug development programmes."