ValiRx PLC Issue of Equity (8589D)
June 28 2019 - 7:31AM
UK Regulatory
TIDMVAL
RNS Number : 8589D
ValiRx PLC
28 June 2019
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
*** ENDS ***
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 Tel: +44 (0) 20 7213 0880
Adviser)
Liam Murray / Jo Turner / Ludovico
Lazzaretti
Novum Securities Limited (Broker) Tel: +44 (0) 20 7399 9400
Colin Rowbury
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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