LONDON (Alliance News) - Life sciences company ValiRx PLC on Monday said it has entered into a convertible loan facility worth up to GBP4.0 million.
ValiRx said it has reached a deal with Bracknor Fund Ltd, a British Virgin Islands-based mutual fund, to subscribe for convertible loans worth up to GBP4.0 million in eight equal tranches.
Each tranche will be convertible into ValiRx shares at the price equivalent to 90% of the lowest volume-weighted average price of the company's shares in the 15 days prior to the conversion.
ValiRx will use the funds to back its VAL201 cancer treatment clinical trials.
ValiRx shares were down 20% early Monday to 10.025 pence, the worst performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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ValiRx (VAL)