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(Alliance News) - ValiRx PLC said Monday it has raised GBP350,000 through a placing, which will go towards advancing the phase I/II clinical trial of VAL201 as well as for working capital purposes.
The clinical stage biotechnology company will issue 269.2 million shares at 0.13 pence per share to new and existing investors through broker Novum Securities Ltd.
In addition, ValiRx has settled GBP54,000 in liabilities by issuing 41.6 million shares at the same price.
Shares in ValiRx were 37% lower at 0.145 pence on Monday in London.
Proceeds from the placing will go towards progressing the clinical trial of VAL201, which is for the treatment of prostate cancer and associated metastatic conditions. Funds raised are also for the development of the company's pre-clinical VAL301 and VAL101 programmes towards the clinic.
"I am grateful for the welcome support we have received from both new and existing investors and I and the company look forward to updating the market with anticipated results from our VAL201 clinical trial against prostate cancer, in the near future," said Chief Executive Officer Satu Vanikka.
ValiRx now has 1.33 billion shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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