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27 Sep 2011 07:00
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27 September 2011
ValiRx Plc
("ValiRx" or the "Company")
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Volition - Update
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ValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to note that Singapore Volition Pte. Limited ("Volition") has today announced a proposed reverse takeover of Standard Capital Corp. ("SCC") (OTC: SNDC) (the "Transaction"), a company registered in Delaware, pursuant to which Volition's shares will be quoted on the OTC Bulletin Board in the United States under the name of VolitionRx Limited ("VolitionRx"), the proposed new name of SCC. The Transaction is subject to approval of Volition's shareholders and it is expected that the Transaction will complete on 6 October 2011 and shares in VolitionRx will trade under the symbol VOLN.
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As a result of previously announced agreements reached between ValiRx and Volition in relation to the disposal of ValiRx's Belgian subsidiary (23 September 2010) and the transfer by ValiRx of certain diagnostic technology for use with endometriosis (10 June 2011), ValiRx will be entitled to be allotted $1.1 million worth of shares within 60 days of the quotation of VolitionRx's shares, at the 30 day mid-market price of the shares as at the date of allotment. Further announcements on the Transaction and the number of shares to be allotted to ValiRx will be made in due course.
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Dr Satu Vainikka, CEO, commented: "We are pleased with the progress that Volition has made with the quotation of its shares in the United States and wish them well in commercialising the hypergenomics and nucleosomics technologies. ValiRx's entitlement to receive shares in Volition will enhance our balance sheet and provides the Company with exposure to Volition's potential future success."
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- 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 | |
Hybridan LLP Broker | Tel: +44 (0) 20 7947 4350 |
Claire Noyce | |
Peckwater PR | Tel: +44 (0)7879 458 364 |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk |
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Notes for 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.
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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:
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Β·; ValiMedix is the sales and distribution division of ValiRx
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Β·; ValiPharma is the therapeutics division with two embedded technologies primarily directed at the treatment of cancers. Of particular note is GeneICE, ValiRx's technology for controlling rebellious genes, which was awarded a Eurostars grant to the value of β¬1.2 million to fund the development of the GeneICE products through preclinical stages in cancer treatments
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