LONDON (Alliance News) - Biopharmaceutical development company ValiRx PLC on Tuesday said it has issued shares to Cancer Research Technology Ltd in lieu of a milestone payment.
ValiRx has issued 30.8 million shares to the company at 0.26 pence per share in lieu of a GBP80,000 milestone payment ValiRx owes Cancer Research Technology related to the VAL201 compound.
"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," said ValiRx Chief Executive Satu Vainikka.
Shares in ValiRx were up 2.6% to 0.2 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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ValiRx (VAL)