ValiRx Plc (LON:VAL) has conditionally raised £0.95mln through a placing of 47.5mln new ordinary shares at a price of 2.0p each.
The clinical stage biotechnology company said the funds will be used for progressing the clinical trial of VAL201 and for advancing the pre-clinical programmes, VAL101 and VAL301, in their preparatory studies prior to their entering the clinic, as has been previously announced.
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The group added that the funds were raised through the company's broker, Novum Securities Limited.
The company said it has also agreed to grant Novum a warrant to subscribe for 1,800,000 shares at an exercise price of 2.5p per share.
It added that the warrants may be exercised at any time in the period expiring on the third anniversary of the date of this announcement.
In late afternoon trading, ValiRx shares held steady at 3.25p.