ValiRx PLC Issue of Equity (0927R)
September 19 2017 - 1:00AM
UK Regulatory
TIDMVAL
RNS Number : 0927R
ValiRx PLC
19 September 2017
19 September 2017
ValiRx Plc
("ValiRx" or the "Company")
Issue of Equity
ValiRx Plc (AIM: VAL), a clinical stage biotechnology company,
is pleased to announce a placing to raise GBP0.5 million. The
Company has raised GBP0.5 million of gross proceeds through the
issue of 50,000,000 new ordinary shares at a price of 1 pence per
share ("Placing Shares"). The funds will be used for advancing the
clinical dose escalation of VAL201 and for further progressing the
late pre-clinical development of GeneICE and general working
capital purposes.
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
Placing Shares to be admitted to trading on AIM ("Admission"). It
is expected that Admission will become effective and that dealings
in the Placing Shares will commence at 8.00am on or around 25
September 2017.
Following Admission, the Company's enlarged issued share capital
will comprise 203,958,193 ordinary shares of 0.1p each with voting
rights. The Company does not hold any shares in treasury. This
figure of 203,958,193 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.
The Company shall grant to Beaufort warrants to subscribe for
3,000,000 ordinary shares in the capital of the Company at an
exercise price of 1 pence per share. The warrants may be exercised
at any time in the period expiring on the third anniversary of the
date of Admission of the Placing Shares.
- ENDS -
For more information, please contact:
ValiRx plc Tel: +44 (0) 20 3008 4416
Dr Satu Vainikka, Chief Executive www.valirx.com
Tarquin Edwards, Investor Relations Tel: +44 (0) 7879 458 364
tarquin.edwards@valirx.com
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0) 20 7213 0880
Liam Murray / Jo Turner
Beaufort Securities Limited (Broker) Tel: +44 (0) 20 7382 8300
Jon Belliss
Notes for Editors
GeneICE Platform
GeneICE (Gene Inactivation by Chromatin Engineering) is a novel
proprietary gene silencing platform for the efficient silencing of
targeted genes. This technology is based on natural mechanisms and
has the potential to halt and reverse tumour growth. ValiRx has
attracted two Eurostars grants, a European grant scheme of EUR1.6m
each, for further development of its GeneICE technology
platform.
GeneICE mimicks a natural process in cells to silence genes. The
technology acts upstream of the gene expression, potentially
enabling a better inhibition compared to existing therapeutics
acting at the protein or post-transcriptional levels.
VAL201
VAL201 (Phase I/II) - a peptide for advanced prostate cancer and
potential to treat other hormone- induced indications.
The main objectives of the Phase I/II study are to confirm
safety and tolerability. Progressing through the dose escalation
and expansion stages, the study is then designed to investigate
further details of these aspects as well as efficacy. Particular
emphasis will be placed on evaluating the pharmacokinetics,
pharmacodynamics and early assessment of anti-tumour activity in
response to VAL201, using a variety of measurements including
ValiRx's biomarkers, with biomarkers being key indicators in
personal medicine. Biomarkers are critical, firstly in identifying
which individuals and which cancers can be helped, before then
being used in the monitoring of those patients for therapeutic
effectiveness. Finally, they significantly assist in the accurate
prediction for and long-term prognosis of patients.
VAL201 selectively prevents tumour growth by specifically
inhibiting the proliferation of tumour cells. As a result, tumour
growth is suppressed and metastasis is significantly reduced. The
approach is a targeted therapeutic with pre-clinical results that
indicate that due to the specific nature of this treatment, this
therapy is likely to be less toxic than many other therapeutic
options.
About ValiRx Plc
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 company news service from the London Stock Exchange
END
IOEDVLFFDKFZBBZ
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