LONDON (Alliance News) - ValiRx PLC on Thursday raised GBP500,000 through a share placing to expand its clinical trial of VAL201, as well as the VAL301 and VAL101 programmes.
ValiRx issued 83.3 million shares at a price of 0.6 pence per share through broker Novum Securities Ltd. As part of a fee arrangement, Novum will be issued a warrant over 8.3 million shares in the company, which can be exercised within three years.
ValiRx now has 681.6 million shares issued overall.
Shares in clinical stage biotechnology company were down 20% to 0.62 pence on Thursday, giving it a market capitalisation of GBP3.7 million.
ValiRx (VAL)