Result of EGM

RNS Number : 2902N

ValiRx PLC

13 February 2009

 



13 February 2009

ValiRx plc

Result of General Meeting

ValiRx plc (AIM:VAL, 'ValiRx', 'The Company') announces that at the general meeting of the Company held earlier today the special resolution put to shareholders to approve the Proposed Reorganisation, as defined and set out in the circular sent to shareholders dated 28 January, 2009, has been duly passed. 

As a result, each existing ordinary share of 6p each in the Company in issue ('Existing Ordinary Shares') will be sub-divided into one new ordinary share of 1p each in the Company ('New Ordinary Shares') and one deferred share of 5p each in the Company ('Deferred Shares').

Following this reorganisation, the Company has applied for 58,378,365 New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 16 February 2009. Trading in the Company's 58,378,365 Existing Ordinary Shares will therefore cease at 4.30 p.m. on 13 February 2009. Existing certificates representing the Existing Ordinary Shares will remain valid for the New Ordinary Shares. 

The Deferred Shares will have negligible rights and no application will be made to London Stock Exchange plc for admission of the Deferred Shares to trading on AIM. No share certificates will be issued for the Deferred Shares.

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For further information please contact:

ValiRx plc		Tel: [phone]
Chief Executive Officer Satu Vainikka
WH Ireland Ltd - Nominated Adviser & Broker		Tel: [phone]
David Youngman / Adrian Kirk
College Hill		Tel: [phone]
Adrian Duffield / Justine Lamond		[e-mail]

Notes to Editors 

About ValiRx - www.valirx.com 

ValiRx plc (AIM:VAL, 'ValiRx') is a cancer therapeutics and diagnostics company headquartered in London, England and admitted to AIM in October 2006. The Company operates through two subsidiaries, ValiPharma (formerly trading as Cronos Therapeutics) (www.valipharma.com), a UK-based epigenetic drug discovery and development business and ValiBio SA (www.valibio.com), a Belgium-based oncology diagnostics operation.

Therapeutics -- ValiPharma

ValiRx utilises a cells own inherent gene control machinery to silence genes involved in cancer cell progression, effectively 'switching off' genes involved in certain forms of cancer through its platform technology GeneICE™ (Gene Inactivation by Chromatin Engineering),. GeneICE™ works through the recruitment of silencing complexes known as Histone Deacetylase Complexes (HDACs) to target genes involved in cancer. ValiRx's lead product VAL 101 targets the anti-apoptotic gene BCL-2 which is over expressed in many cancers including in pancreatic cancer. The Company has also recently expanded its pre-clinical portfolio to include VAL 201 in prostate cancer.

Gene silencing technology platform potentially represents an innovative and ground breaking new approach to cancer treatment as it allows for the development of targeted, personalised medicine and treatment for patients. GeneICE™ is also applicable to a wide variety of other genetic disorders such as in the fields of neurology and inflammatory diseases.

Diagnostics - ValiBIO

ValiRx currently has two epigenetic diagnosis products - HyperGenomics™, a method for the detection and identification of hypersensitive sites in cells and Nucleosomics™, a non-invasive (blood) test for early cancer diagnosis based on epigenetic signal changes associated with malignancy - which it licences to its subsidiary, ValiBIO.

In December 2008, ValiBIO entered into an exclusive worldwide distribution agreement with international medical devices company Biofield Corp for its Human Papilloma Virus (HPV) diagnostic test for cervical cancer and a worldwide distribution agreement (excluding Belgium) for its Hypergenomics™ and Nucleosomics™ diagnostics products. ValiRx also sold a 10% stake in ValiBIO for €600,000 in cash to Biofield, with an option for Biofield to purchase an additional 15% of the Belgium-based operation. 

NucleosomicsTM diagnostic products
NucleosomicsTM is a platform for non-invasive (blood) tests for early cancer diagnosis based on epigenetic signal changes associated with malignancy. 

ELISA tests for global histone modifications expressed in cell free nucleosomes in blood that are characteristic of cancers are currently under development. The company expects to launch early Nucleosomics products for research use in 2009. Diagnostic products regulated by EMEA and the FDA will follow. Early disease focus is in lung, pancreatic and colon cancer.

HyperGenomicsTM diagnostic products
HyperGenomicsTM is a platform for differential diagnostic and prognostic tests in cancer as well as testing for personalised medicine. 

ValiBIO is developing differential diagnostic products for cancer. The company's early disease focus is in leukaemia, prostate and colon cancer.

 

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