Last checked at 17 Feb 2016 13:00
17 February 2016
ValiRx Plc
("ValiRx" or the "Company")
Placing to raise £0.5 million
ValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to announce following yesterday's positive VAL201 clinical update, that it has raised gross proceeds of £502,480 by way of a placing of 4,187,333 new ordinary shares ("Placing Shares") at a price of 12 pence per share ("Placing"). The net proceeds of the Placing will be used for ongoing drug development and for general working capital purposes.
Dr Satu Vainikka, Chief Executive of ValiRx Plc, commented: "We are delighted to be able to raise additional funds through this equity placing in a challenging market. These funds will enable the Company to progress the clinical trial activity that was recently announced."
The Placing Shares will, when issued, 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 Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00am on or around 23 February 2016.
Following Admission, the Company's enlarged issued share capital will comprise 42,526,184 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 42,526,184 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.
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For more information, please contact:
ValiRx plc | Tel: +44 (0) 20 3008 4416 |
Dr Satu Vainikka, Chief Executive Tarquin Edwards, Head of Comms
| www.valirx.com Tel: +44 (0) 7879 458 364 tarquin.edwards@valirx.com |
Cairn Financial Advisers LLP (Nominated Adviser) | Tel: +44 (0) 20 7148 7900 |
Liam Murray / Avi Robinson | |
Northland Capital Partners Limited (Broker) | Tel: +44 (0) 20 7382 1100 |
Patrick Claridge / David Hignell (Corporate Finance) John Howes / Abigail Wayne (Broking) | |
About ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
The Company listed on the AIM market of the London Stock Exchange in October 2006.
The Company has a pipeline of other therapeutic drugs, which are currently progressing towards clinical trials. The product focus is in the targeted analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases. It actively manages projects within its portfolio as a trading company. The ValiRx business model spreads the risks of life science technology development by minimizing financial exposure and running a set of projects to defined commercial endpoints. This maximizes returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.
The Company operates through the following divisional companies:
1. ValiPharma is the therapeutics division, with two embedded technologies primarily directed at the treatment of cancers.
2. ValiFinn is the biomarkers and diagnostic development division. ValiRx acquired through its ValiFinn subsidiary, the complimentary TRAC technology to strengthen the portfolio.
3. ValiSeek is a joint venture between ValiRx and Tangent Ltd to develop VAL401 in lung cancer and potentially other indications.