Business
Issue of equity and update
Issue of equity and update.
About this update from Valirx Plc
[{"type":"text","content":"\n RNS Number : 9095V ValiRx PLC 10 November 2010 \n \n\n \nValiRx Plc\n \n(\"ValiRx\" or \"the Company\")\nPROGRESS UPDATE AND ISSUE OF EQUITY\nPROGRESS UPDATE\nValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to update its shareholders on its continuing progress.\n \nThe Company announced on 11 October 2010 the completion of the disposal of its Belgian diagnostic development business, ValiBIO SA, to Singapore Volition Pte. Limited (\"Volition\"), a Singapore-based cancer diagnostics specialist.\n \nThis disposal followed the Board's strategic decision to focus operations on building value in its anti-cancer lead drug candidates VAL 101 and VAL 102 and companion diagnostics, as well as building its home self-diagnostic businesses.\n \nVAL101 AND VAL102 continue to progress towards first-in-man trials with the support of Eurostar funding.\n \nValiRx is leading a consortium of biotechnology companies that are completing pre-clinical studies based on ValiRx's GeneIce technology platform, prior to entering clinical trials.\n \nIn parallel, during the last 12 months, the Company has launched a range of home self-diagnostic kits that screen for high prevalence conditions, such as diabetes, urinary infections, high cholesterol, among other serious conditions. The Directors are pleased to report that sales of these products are in line with expectations and continuing to show an upward trend. Additionally, this range is being expanded in the course of the next quarter and the Directors look forward to generating incremental revenue as a consequence.\nISSUE OF EQUITY\nThe Directors believe that the Company's current cash position can adequately cover working capital requirements necessary to advance its development programmes to the next stage. In addition, and over and above these requirements, the Company has raised£255,000, before expenses, by way of a placing of 136,000,000 new ordinary shares of 0.1p each ('the Placing Shares') at 0.1875p per share to be able to progress more quickly the development of its anti-cancer lead drug candidates VAL 101 and VAL 102.\n \nApplication has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is e...