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ValiRx raises £0.5mln in share placing to further expand scope of clinical trial for its prostate cancer treatment

Published: 12:03 21 Feb 2019 GMT

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In midday trading, ValiRx shares were trading at 0.65p each, down 16% on Wednesday’s close

ValiRx PLC (LON:VAL) has raised £0.5mln in gross proceeds through a share placing to further expand the scope of the clinical trial of its VAL201 treatment for prostate cancer.

The AIM-listed clinical stage biotechnology said its company broker, Novum Securities issued 83,333,333 new ordinary shares at a price of 0.6p each with new and existing investors.

READ: ValiRx surges as it secures two new patents for VAL301 in Russia and China

The company pointed out that, aside from the clinical trial of VAL201, the net proceeds will also be used to progress the development of the pre-clinical VAL301 and VAL101 programmes and towards clinical trials.

ValiRx said that as part of the fee arrangement associated with the placing, the company has agreed to issue Novum with a warrant over 8,333,333 ordinary shares in the company, which can be exercised at a price of 0.6p each at any time until the third anniversary of the issue of the warrant.

In midday trading, ValiRx shares were trading at 0.65p each, down 16% on Wednesday’s close.

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