ValiRx Plc (AIM:VAL) has raised £1mln, which it will be used to “advance” the clinical trial of VAL201 for prostate cancer and fund certain pre-clinical programmes.
The biotechnology company issued just over 23.5mln new shares at 4.25p each. They come with 11.8mln warrants to further invest in the business at 8p a share (Thursday’s closing price was 6.25p).
WATCH: ValiRx PLC gets go-ahead to expand and accelerate early-stage cancer study
The sale of new ValiRx stock was organised by Beaufort Securities, which also agreed to subscribe for 1.88mln shares.
It has been a hugely successful few weeks for the company, which on Monday (Dec 18) confirmed it had been given the green light to accelerate an early-stage trial of VAL201.
That update followed hard on the heels of a good news update from ValiRx on its other main compound, VAL401.
READ: ValiRx surges once again as top-line data from Phase II lung cancer trial impresses
In a Phase II lung cancer trial, the drug delivered a “statistically significant” improvement in overall survival for patients with non-small cell lung cancer compared to those receiving no treatment.