LONDON (Alliance News) - Life sciences company ValiRx PLC on Friday said it has raised GBP800,000 via a share placing in order to back the progression of its portfolio.
The company said it has issued 400 million shares at 0.2 pence per share. Shares in ValiRx were down 6.5% at the open on Friday at 0.201p, one of the worst performers in the AIM All-Share.
The placing was handled by Daniel Stewart & Co PLC.
The company said the funding will be used to progress work on its VAL201 and VAL401 compounds, work on its GeneICE platform and on its biomarker technologies.
"With the successful first result from the clinical trial of our compound VAL201 recently announced and with the study moving ahead well, I believe this and our recent placings to raise £1.6 million gross in under three months, is an endorsement of the progress we are making and will provide ValiRx with the means to continue to unlock value for shareholders across our product development portfolio.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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ValiRx (VAL)