Last checked at 28 Jun 2019 12:31
ValiRx Plc
("ValiRx" or the "Company")
Issue of Equity
London, UK., 28 June 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company, announces that further to the announcement dated 25 June 2019 in relation to the conditional termination of the entire Subscription Agreement with the European High Growth Opportunities SF (the "Investor"), the Company has issued 121,428,571 new ordinary shares at a price of 0.175 pence per ordinary share ("Investor Shares"), as agreed between the Company and the Investor in connection with the termination of the Subscription Agreement.
The Investor Shares will rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange for the Investor Shares to be admitted to trading on AIM. Admission of the Investor Shares is expected to occur on or around 3 July 2019 ("Admission"). In accordance with the arrangements agreed between the Company and the Investor, termination of the entire Subscription Agreement will occur upon both Admission and the Investor Shares being credited to the Investor's nominated CREST account in connection with Admission.
Following Admission, the Company's enlarged issued share capital will comprise 1,024,057,953 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 1,024,057,953 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
As previously announced, the Company's working capital position is dependent on new funds being made available to it and it continues to manage its working capital position carefully.
This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014
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For more information, please contact:
ValiRx plc | Tel: +44 (0) 20 3008 4416 www.valirx.com |
Dr Satu Vainikka, Chief Executive | Tel: +44 (0) 20 3008 4416 |
Tarquin Edwards, Head of Communications. | Tel: +44 (0) 7879 458 364 tarquin.edwards@valirx.com |
Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Jo Turner / Ludovico Lazzaretti | Tel: +44 (0) 20 7213 0880 |
Novum Securities Limited (Broker) Colin Rowbury | Tel: +44 (0) 20 7399 9400 |
Notes for Editors
About ValiRx
ValiRx is a biotechnology oncology focused company specialising in developing novel treatments for cancer and associated biomarkers. It aims to make a significant contribution in "precision" medicine and science, namely to engineer a breakthrough into human health and well-being, through the early detection of cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing therapeutic candidates early in the development process. By aiming for early-stage value creation, the company reduces risk considerably while increasing the potential for realising value. The group is already in licensing discussions with major players in the oncology field.
ValiRx's two classes of drugs in development, which each have the potential for meeting hitherto unmet medical needs by existing methods, have worldwide patent filings and agreed commercial rights. They originate or derive from Word class institutions, such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents, such as chemotherapy. With the development of target-based agents, primed to attack cancer cells only, less toxic and more effective treatments are now possible. New drugs in this group-such as those in ValiRx's pipeline-promise to greatly improve outcomes for cancer patients.
The Company listed on the AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.