Cancer drug developer ValiRx Plc (LON:VAL) has opted to suspend use of its convertible loan facility agreement with Bracknor, a private mutual fund incorporated in the British Virgin Islands.
The agreement was unveiled in March of this year, since when ValiRx has issued £1mln of convertible loan notes (CLNs) to Bracknor, of which £180,000 have yet to be converted after Bracknor recently converted £70,000 worth of notes into ValiRx shares at 6.4p per share.
Following the issue of shares to Bracknor, ValiRx has 53.5mln shares in issue and a market capitalisation of £3.66mln.
Earlier this month, ValiRx sold its Finnish subsidiary to Sovicell Science for Life GmbH for €800,000 in cash.