ValiRx PLC (LON:VAL), the clinical stage biotechnology company, has raised £1.15mln via a placing to accelerate its clinical and pre-clinical portfolio, welcoming new investors in the process.
The AIM-listed firm said it issued 76,666,666 new ordinary shares at a price of 1.50p each in the placing undertaken by the company's broker, Novum Securities.
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The group said the net proceeds of the placing will be used to extend and expand the scope of the clinical trial of VAL201 to treat prostate cancer and to thereby allow the treatment to more speedily reach its full therapeutic potential and potential anti-cancer impact.
It added that the funds will also be used to progress the development of the pre-clinical VAL301 and VAL101 programmes and towards clinical trials.
Dr Satu Vainikka, ValiRx’s CEO commented: "I am grateful for the support we have received from both new and existing investors and their investment will enable the Company to further progress and accelerate its clinical and pre-clinical portfolio, namely VAL101, 201 and 301 and move these therapeutic assets closer to their respective value inflection points".