ValiRx PLC Issue of Equity (0227Y)
November 30 2017 - 8:38AM
UK Regulatory
TIDMVAL
RNS Number : 0227Y
ValiRx PLC
30 November 2017
30 November 2017
ValiRx Plc
("ValiRx" or the "Company")
Issue of Equity
ValiRx Plc (AIM: VAL), a clinical stage biotechnology company,
is pleased to announce it has conditionally raised GBP1.0 million
of gross proceeds through the issue of 80,000,000 new ordinary
shares at a price of 1.25 pence per share ("Placing Shares"). The
funds will be used for advancing the clinical trial of VAL201 and
for the preclinical progress of other programmes, previously
announced. The funds were raised through the Company's broker,
Beaufort Securities Limited ("Beaufort").
The Company currently only has the authority to issue and allot
47,000,000 shares for cash, consequently the placing will be done
in 2 tranches. Tranche 1 of 47,000,000 ordinary shares will be done
immediately, providing the Company with gross proceeds of
GBP587,500. Application will be made to the London Stock Exchange
for the 47,000,000 new ordinary shares to be admitted to trading on
AIM. Admission of these shares is expected to occur on or around 14
December 2017.
The Second Tranche of 33,000,000, representing gross proceeds of
GBP412,500 ordinary shares is conditional on shareholders
authority, to be sought at a forthcoming General Meeting - to be
convened shortly, a further notification will be made by the
Company in due course.
The Placing Shares will, when issued, rank pari passu in all
respects with the existing ordinary shares of the Company.
Following Admission of the first Tranche, the Company's enlarged
issued share capital will comprise 263,405,413 ordinary shares of
0.1p each with voting rights. The Company does not hold any shares
in treasury. This figure of 263,405,413 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 has agreed to grant Beaufort a warrant to subscribe
for 10 per cent of the Placing Shares admitted to trading on AIM
(i.e. up to 8,000,000 ordinary shares - depending on the admission
of the Second Tranche) at an exercise price of 1.25 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.
The Company notes the recent rise in its share price and
believes this to be a consequence of comments and analysis
surrounding the Company's developmental pipeline and confirms that
further to the announcement released on 28 September 2017, the
Company remains on track to disclose results from the VAL401 trial
before the year end.
- 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
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
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