April 2012 -- ValiRx Plc (AIM: VAL), the AIM-quoted life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to announce that its broker, Hybridan LLP, has conditionally raised GBP 900,000 (before fees and expenses) by way of a placing of 200,000,000 new ordinary shares of 0.1p each in the Company at a price of 0.45 pence per Placing Share (the "Placing"). The directors of the Company have participated in the Placing, details of their participation is set out below.
The net proceeds of the Placing will be used by the Company to:
- accelerate and complete Pre-Clinical work for Val 201 and also complete Pre-Clinical work for Val 101;
- take a number of development projects in the pipeline to Pre-Clinical stage;
- develop a number of companion diagnostics methods and expand IP portfolio and value; and,
- materials production and optimisation and to increase the marketing of both biomarkers and diagnostics kits.
Details of the director’s participation in the Placing are set out in the table below:-
Director Number of shares subscribed pursuant to the Placing
Satu Vainikka 2,222,220
George Morris 2,222,220
Oliver de Giorgio-Miller 1,111,120
Gerry Desler 2,222,220
Nick Thorniley 1,111,120
Kevin Alexander 1,111,120
Following the Placing the Company’s issued share capital will comprise of 1,259,562,609 ordinary shares of 0.1p.
The placing is expected to become effective on 17th April 2012. Application for the 200,000,000 Shares will be made to the London Stock Exchange and the shares will be admitted to trading on AIM on or around 17th April 2012. The new ordinary shares will rank pari passu with the existing ordinary shares.
Dr Satu Vainikka, CEO of ValiRx, commented: "The Placing will enable us to take significant steps forward on a number of fronts across our business. Pertinently, this support from our shareholders will allow the Company to accelerate translational and developmental studies on its lead compounds, VAL201 and VAL101, and will assist the Company in the progression of these compounds from pre-clinical and into Phase I clinical trials.”
“Additionally and importantly, this Placing strengthens the Group's balance sheet and so allows us to progress other value-added areas across our business, including the development of companion diagnostics and the marketing of our specialist biomarker unit. While our focus remains firmly on the pre-clinical and translational studies at hand, I look forward to ValiRx being able to further capitalise on the opportunity and potential presented across the Group, as we push ahead into the next phase of our business."
For more information, please contact:
ValiRx plc Tel:
+44 (0) 20 3008 4416
Dr Satu Vainikka
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 Louise Noyce / Deepak Reddy
Tel: +44 (0)7879 458 364
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:
- ValiMedix is the sales and distribution division of ValiRx
- 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 €1.2 million to fund the development of the GeneICE products through to the preclinical stages in cancer treatments