ValiRx PLC Issue of Equity (8520A)
14 September 2018 - 9:42PM
UK Regulatory
TIDMVAL
RNS Number : 8520A
ValiRx PLC
14 September 2018
ValiRx Plc
("ValiRx" or the "Company")
Issue of Equity in Successful GBP1.15 million Placing
London, UK., 14 September 2018: ValiRx Plc (AIM: VAL), a
clinical stage biotechnology company is pleased to welcome new
investors and announces that it has raised GBP1.15 million of gross
proceeds through the issue of 76,666,666 new ordinary shares at a
price of 1.50 pence per share ("Placing Shares").
The Directors intend that 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. The funds will also be used to progress the
development of the pre-clinical VAL301 and VAL101 programmes and
towards clinical trials.
The funds were raised through the Company's broker, Novum
Securities Limited ("Novum").
The Placing Shares will, when issued, rank pari passu in all
respects with the existing ordinary shares of the Company.
Application has been made to the London Stock Exchange for the
76,666,666 new ordinary shares to be admitted to trading on AIM.
Admission of the shares is expected to occur on or around 20
September 2018.
Following Admission, the Company's enlarged issued share capital
will comprise 531,629,383 ordinary shares of 0.1p each with voting
rights. The Company does not hold any shares in treasury. This
figure of 531,629,383 may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Dr Satu Vainikka, CEO of ValiRx plc, 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".
"Due to the Company being in a closed period and within 30 days
of issuing its interims (due by 30 September 2018), the Directors
are not permitted to deal in the Company's shares and participate
in the above placing."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
*** ENDS ***
For more information, please contact:
ValiRx plc Tel: +44 (0) 20 3008 4416
www.valirx.com
Dr Satu Vainikka, Chief Executive Tel: +44 (0) 20 3008 4416
Tarquin Edwards, Head of Communications. Tel: +44 (0) 7879 458
364
tarquin.edwards@valirx.com
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
Liam Murray/Jo Turner/Richard Nash
Novum Securities Limited (Broker) Tel: +44 (0) 20 7399 9400
Colin Rowbury
Notes for Editors
About ValiRx
ValiRx is a biotechnology oncology focused company specialising
in developing novel treatments for cancer and associated
biomarkers. It aims to make a significant contribution in
"precision" medicine and science, namely to engineer a breakthrough
into human health and well-being, through the early detection of
cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing
therapeutic candidates early in the development process. By aiming
for early-stage value creation, the company reduces risk
considerably while increasing the potential for realising value.
The group is already in licensing discussions with major players in
the oncology field.
ValiRx's two classes of drugs in development, which each have
the potential for meeting hitherto unmet medical needs by existing
methods, have worldwide patent filings and agreed commercial
rights. They originate or derive from Word class institutions, such
as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents,
such as chemotherapy. With the development of target-based agents,
primed to attack cancer cells only, less toxic and more effective
treatments are now possible. New drugs in this group-such as those
in ValiRx's pipeline-promise to greatly improve outcomes for cancer
patients.
The Company listed on the AIM Market of the London Stock
Exchange in October 2006 and trades under the ticker symbol:
VAL
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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