(Alliance News) - ValiRx PLC on Monday said it has raised GBP200,000 through the placing of 200 million shares at 0.10 pence per share.
The company's shares were trading 6.0% lower at 0.10p each on Monday morning in London.
The biotechnology company said the placing proceeds will be used to fully analyse the Phase I/II clinical trial results of VAL201 in the treatment of prostate cancer and associated metastatic conditions. Proceeds will also be used to continue the development of ValiRx's pre-clinical VAL301 and VAL101/GeneICE programmes, and for general working capital purposes.
In December, ValiRx said that preliminary analysis of the VAL201 results indicated that the treatment had a clear impact on patients with prostate cancer and also demonstrated safety and a high degree of tolerability.
In a separate statement, the company said it has appointed ETX Capital Ltd as its joint broker, effective immediately.
By Ife Taiwo; ifetaiwo@alliancenews.com
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ValiRx (VAL)