Business
Placing, Issue of Warrant & Appointment of Broker
Placing, Issue of Warrant & Appointment of Broker.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 7587Y ValiRx PLC 06 January 2020 \n\n \n \n \nValiRx Plc\n(\"ValiRx\" or the \"Company\")\n \nPlacing, Issue of Warrant & Appointment of Broker\n \nLondon, UK, 6 January 2020: ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, announces that it has raised £200,000 of gross proceeds through the issue of 200,000,000 new ordinary shares at a price of 0.10 pence (\"Issue price\") per share (\"Placing\") with new and existing investors and the appointment of ETX Capital Limited (\"ETX Capital\") as joint broker to the Company with immediate effect.\n \nUse of Proceeds\nThe net proceeds of the Placing will be used to analyse the Phase I/II clinical trial of VAL201 to treat prostate cancer and associated metastatic conditions and continue the development of ValiRx's pre-clinical VAL301 and VAL101/GeneICE programmes towards the clinic, and for general working capital purposes.\nVAL201 - As announced on 16 December 2019, the results from the clinical trial appear, in advance of full analysis, to indicate that the VAL201 compound has a clear impact on patients with prostate cancer. The compound has also shown it is very safe and has a high degree of tolerability, up to a dose that is in excess of the predicted dose and any practical therapeutic concentration.\nVAL301 - The Company continues with the pre-clinical development of VAL301, focused on the treatment of endometriosis. Endometriosis represents one of the major causes of female infertility.\nVAL401 - Completed its first clinical trial in Q3 2017 as an oral treatment for late-stage non-small cell lung cancer. Data from the completed Phase II clinical trial showed that palliative stage patients could expect to see improvements in symptoms, with the added benefit of improved survival prospects. ValiSeek is currently in discussions with potential partners for starting the next phase of clinical trial. \nAppointment of Joint Broker\nThe Company is pleased to announce the appointment of ETX Capital Limited as the Company's joint broker, with immediate effect.\n \nIssue of Warrant\nEach Placing share will carry a warrant to subscribe for one further share at a price of 0.10p per share, exercisable at any time from Admission (as defined below) up to the third year anniversary of Admission. The funds were ...