Business
AGM Statement
AGM Statement.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 9464I ValiRx PLC 23 June 2011 \n \n\n \n\n\n\n\nFor release\n\n\n07:00\n\n\nDate: 23 June 2011\n\n\n\n\n \n \nValiRx Plc (AIM: VAL)\n(\"ValiRx\" or the \"Company\")\n \nAGM Statement\n \n \nValiRx Plc, a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is today holding its Annual General Meeting at 10:00 a.m. at the offices of Nabarro LLP at Lacon House, 84 Theobald's Road, London WC1X 8RW. At the meeting, Non-Executive Chairman, Nick Thorniley will make the following statement: \n \n\"Since our last AGM we have seen continued growth and development of ValiRx across a number of fronts, which; have established the Company on a platform from which it can build in the coming years.\n \nWe announced in September 2010 the sale of our Belgian subsidiary diagnostic development business, ValiBIO SA (\"ValiBIO\"), to the Singapore-based cancer diagnostics specialist, (Singapore Volition Pte. Limited (\"Volition\") for $1 million (£625,000), with ValiRx retaining a significant shareholding in Volition and in the future upside value of the business. Earlier this month and as part of our original agreement with Volition, your Company transferred ownership of a patent application to Volition that was outside of ValiRx's core technologies. Pleasingly, in return, the Group will be issued a further US$510,000 of ordinary shares in Volition, increasing ValiRx's already substantial equity holding in Volition to US$1.11m. In order to reflect this shareholding in Volition, ValiRx has the agreed right to appoint two directors to the board of Volition. \n \nThis disposal which the Board considered to be a non-core asset has crystallized value for us in the diagnostics space and as a result, I am pleased to report that we made a small profit for the year of £133,644. \n \nAs a result of the disposal, ValiRx's operating costs have been substantially reduced, management has been able to focus its skills and resources and your Company is now a much leaner business than it was at the start of the current year. We are now well placed to further progress the business, with a balance sheet considerably strengthened by the recent £3.3 million fund raising in February 2011, to, among other things; accelerate the pre-cli...