Last checked at 6 Mar 2015 07:00
6 March 2015
ValiRx Plc
("ValiRx" or the "Company")
Placing to raise £800,000
The Placing
ValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to announce that it has raised £800,000 by way of a placing of 400,000,000 new ordinary shares of 0.1p each in the capital of the Company (the "Placing Shares") at a price of 0.2 pence per Placing Share (the "Placing"). The Placing was conducted by Daniel Stewart & Company Plc.
Use of Proceeds
The Directors intend to utilise the net proceeds of the Placing in order to:
· progress VAL201 dose escalation and anti-tumour efficacy studies;
· progress VAL401 towards the clinic;
· pursue technological developments for the Company's GeneICE platform;
· progress the development and commercialisation of the Company's Biomarker technologies; and
· fund general business development activities.
Dr Satu Vainikka, Chief Executive of ValiRx Plc, commented: "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. We are grateful for the continued support of all our shareholders and look forward to updating them and the market on future progress".
Admission
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 20 March 2015.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital will comprise 3,741,382,514 ordinary shares of 0.1p each ("Ordinary Shares") with voting rights. The Company does not hold any shares in treasury. This figure of 3,741,382,514 Ordinary Shares 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.
- ENDS -
For more information, please contact:
ValiRx plc | Tel: +44 (0) 20 3008 4416 |
Dr Satu Vainikka | www.valirx.com |
Cairn Financial Advisers LLP (Nominated Adviser) | Tel: +44 (0) 20 7148 7900 |
Liam Murray / Avi Robinson | |
Daniel Stewart & Company Plc (Broker) | Tel: +44 (0) 20 7776 6550 |
Martin Lampshire | |
Peckwater PR | Tel: +44 (0) 7879 458 364 |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk |
Notes to editors
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 AIM in October 2006 and is creating a portfolio of innovative products through investment in specific development projects. It actively manages projects within this portfolio as a trading company and is not an investment vehicle. The ValiRx business model spreads the risks of life science technology developments by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises 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. ValiFinn is the biomarkers and diagnostic development division
2. ValiPharma is the therapeutics division with two embedded technologies primarily directed at the treatment of cancers.