ValiRx Plc (LON:VAL) has raised £0.5mln through a placing of 50mln new ordinary shares at a price of 1p each.
The AIM-listed biotechnology company said the funds raised will be used for “advancing the clinical dose escalation of VAL201 and for further progressing the late pre-clinical development of GeneICE and general working capital purposes.”
READ: ValiRx to accelerate pre-clinical trials of cancer-fighting molecule after development breakthrough
Following the placing, the company's enlarged issued share capital will comprise 203,958,193 ordinary shares of 0.1p each with voting rights. The firm does not hold any shares in treasury.
ValiRx also said it will grant broker Beaufort warrants to subscribe for 3mln ordinary shares at an exercise price of 1p per share.
It said the warrants may be exercised at any time in the period expiring on the third anniversary of the date of admission of the placing shares.