Issue of Equity

RNS Number : 8520A

ValiRx PLC

14 September 2018

 

ValiRx Plc

("ValiRx" or the "Company")

Issue of Equity in Successful £1.15 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 £1.15 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.

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For more information, please contact:

ValiRx plc	Tel: [phone] www.valirx.com
Dr Satu Vainikka, Chief Executive	Tel: [phone]
Tarquin Edwards, Head of Communications.	Tel: [phone] [e-mail]
Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray/Jo Turner/Richard Nash	Tel: [phone]
Novum Securities Limited (Broker) Colin Rowbury	Tel: [phone]

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

 

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