LONDON (Alliance News) - ValiRx PLC said Friday it has raised GBP950,000 through the issue of 47.5 million shares at 2.00 pence per share.
The clinical stage biotechnology company's shares closed down 11% Friday at 2.90p each.
The funds raised will be used for progressing the clinical trial of VAL201 and for advancing the pre-clinical programmes VAL101 and VAL301.
ValiRx has granted its broker, Novum, 1.8 million warrants at an exercise price of 2.5p per share. The warrants may be exercised any time in the next three years from Friday.
The company's enlarged share capital is now 455.0 million. The admission of the new shares is expected on or around May 14.
ValiRx (VAL)