ValiRx PLC Issue of equity to Cancer Research Technology Ltd (5892H)
March 17 2015 - 2:00AM
UK Regulatory
TIDMVAL
RNS Number : 5892H
ValiRx PLC
17 March 2015
17 March 2015
ValiRx Plc
('ValiRx' or the 'Company')
Issue of equity to Cancer Research Technology Limited
The Company announces that it has issued 30,769,231 new ordinary
shares in the Company to Cancer Research Technology Limited ("CRT")
at a price of 0.26 pence per share in lieu of an GBP80,000
milestone payment agreement (announced 12 August 2010) owed by the
Company to CRT, which became due on 'first patient' dosing in
ValiRx's Phase I/II dose escalation clinical trial of its lead
compound VAL201, to address cancer in patients with locally
advanced or metastatic prostate cancer and other advanced solid
tumours.
ValiRx announced on 24 February 2015 that the compound VAL201
was safe and well tolerated at the doses tested.
Dr Satu Vainikka, CEO of ValiRx, commented: "This milestone
payment to CRT in shares is both a vindication of our recent
progress and a substantial vote of confidence in ValiRx's future
prospects. I welcome CRT to the register as one of our most
substantial shareholders and I thank them for their longstanding
support."
Application has been made to the London Stock Exchange for the
30,769,231 new ordinary shares to be admitted to trading on AIM on
20 March 2015. The new ordinary shares will rank pari passu with
the existing ordinary shares.
Total Voting Rights
Following admission of the shares detailed above and the placing
shares as announced on 6 March 2015, the Company's enlarged issued
share capital with effect from 20 March 2015 will comprise
3,772,151,745 ordinary shares of 0.1p each ("Ordinary Shares") with
voting rights. The Company does not hold any shares in treasury.
This figure of 3,772,151,745 Ordinary Shares 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.
*** ENDS ***
For more information, please contact:
ValiRx plc Tel: +44 (0)20 3008
4416
Dr Satu Vainikka www.ValiRx.com
Cairn Financial Advisers Tel: +44 (0)20 7148
LLP (Nominated Adviser) 7900
Liam Murray / Avi Robinson
Daniel Stewart & Company Tel: +44 (0)20 7776
Plc (Broker) 6550
Martin Lampshire
Peckwater PR Tel: +44 (0)7879 458
364
Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
Notes for Editors
ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel
technologies and products in oncology therapeutics and diagnostics.
The product focus is in the epigenomic analysis and treatment of
cancer, but the technologies can be applied to other fields as
well, such as neurology and inflammatory diseases.
The Company listed on AIM in October 2006 and is creating a
portfolio of innovative products through investment in specific
development projects. It actively manages projects within this
portfolio as a trading company and is not an investment vehicle.
The ValiRx business model spreads the risks of life science
technology developments by minimising financial exposure and
running a set of projects to defined commercial endpoints. This
maximises returns to shareholders by adding value at the earlier
stages where value increases per investment unit are the
greatest.
The Company operates through the following divisional
companies:
1. ValiFinn is the biomarkers and diagnostic development
division
2. ValiPharma is the therapeutics division with two embedded
technologies primarily directed at the treatment of cancers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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