ValiRx PLC Placing & Issue of Equity (8081P)
14 October 2019 - 11:23PM
UK Regulatory
TIDMVAL
RNS Number : 8081P
ValiRx PLC
14 October 2019
ValiRx Plc
("ValiRx" or the "Company")
Placing & Issue of Equity
London, UK, 14 October 2019: ValiRx Plc (AIM: VAL), a clinical
stage biotechnology company, announces that it has raised
GBP350,000 of gross proceeds through the issue of 269,230,769 new
ordinary shares at a price of 0.13 pence ("Issue Price") per share
("Placing") with new and existing investors through the Company's
broker, Novum Securities Limited ("Novum").
In addition, the Company has settled liabilities amounting to
GBP54,000 through the issue of 41,538,462 new ordinary shares at
the Issue Price.
Use of Proceeds
The Directors intend that the net proceeds of the Placing will
be used to progress the Phase I/II clinical trial of VAL201 to
treat prostate cancer and associated metastatic conditions to the
conclusion of this stage of the trial and initial data readout,
continue the development of ValiRx's pre-clinical VAL301 and
VAL101/GeneICE programmes towards the clinic, and for general
working capital purposes.
Issue of Warrant
The funds were raised through Company's broker, Novum. As part
of their fee arrangement, the Company has agreed to issue Novum
with a warrant over 26,923,077 ordinary shares in the Company,
which can be exercised at a price of 0.13 pence per share until the
third anniversary of the issue of the warrant.
Issue of Equity
The 310,769,231 new ordinary 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 310,769,231 new ordinary shares to be admitted to trading on
AIM ("Admission"). Admission of the 310,769,231 new ordinary shares
is expected to occur on or around 11 November 2019.
Following Admission, the Company's enlarged issued share capital
will comprise 1,334,827,184 ordinary shares of 0.1p each with
voting rights. The Company does not hold any shares in treasury.
This figure of 1,334,827,184 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 Vanikka, ValiRx's CEO, commented:
"I am grateful for the welcome support we have received from
both new and existing investors and I and the Company look forward
to updating the market with anticipated results from our VAL201
clinical trial against prostate cancer, in the near future".
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 / Ludovico
Lazzaretti
Novum Securities Limited 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 World 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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