(“ValiRx”, the “Company” or the “Group”)
Broker Option – Fully Subscribed
Further to the announcement made at 7am on 4 May 2020 the Company advises that the Broker Option – a facility to allow existing shareholders to participate in the Fundraise on similar terms to the Placing announced, has been fully subscribed for by existing shareholders of the Company.
The Broker Option has conditionally raised £250,000 at a price of 6p per share through the conditional issue of 4,166,667 new ordinary shares.
A circular will shortly be posted to shareholders seeking shareholders’ authority to issue shares on a non-pre-emptive basis.
In the announcement made at 7am on 4 May 2020 the gross proceeds of the Fundraise was erroneously stated as £1,174,515. The gross proceeds should have stated £1,084,168.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For more information, please contact:
Tel: +44 (0) 20 7073 2628
Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Jo Turner / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880
Peterhouse Capital Limited (Sole Broker)
Duncan Vasey / Lucy Williams / Eran Zucker
Tel: +44 (0) 20 7469 0930
Notes for Editors
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 World 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.