Statement re Placing of Shares

For immediate release: 12th May 2008 VALIRX PLC ("ValiRx" or the "Company") The Directors of ValiRx (AIM: VAL), the cancer therapeutics and diagnostics company, are pleased to report that the Company's funding round has now closed, it having been fully subscribed. In total, approximately £890,000 (before expenses) was raised by a placing of 14,886,662 new ordinary shares of 6p each. Attached to each Placing Share is a warrant to subscribe for one new Ordinary Share at 10p per share for a period of three years from the admission of the Placing Shares to trading on AIM. The funding will be used to advance activities on both the cancer therapeutics and cancer diagnostics sides of the business. In therapeutics, ValiRx is now progressing its gene silencing technology, GeneICE, towards human trials as the preclinical trials currently underway with Cancer Research UK near completion. A programme of research designed by the Company will set a path for the Phase 1 trials. The class of drugs based on the GeneICE platform are designed to target and silence the genes known to be associated with identified diseases such as cancer. In diagnostics, the commercialisation of the two complementary cancer screening products Nucleosomics and Hypergenomics will also be advanced. These products are being developed to meet the otherwise unmet need in the market for early detection and personalised treatment regimes - critical to the effective treatment of cancer. Nucleosomics is an early-stage, non-invasive, high throughput test kit that is targeting the detection of pre-symptomatic indications of cancer or risk of cancer. Hypergenomics is being developed to pinpoint the specific type of cancer and to indicate the most appropriate therapy based on a patients epigenomic profile. On admission of the final tranche of 4,896,664 Placing Shares, expected on 13 May, the Company will have 46,499,759 Ordinary Shares in issue. Dr Satu Vainikka, CEO of ValiRx, commented: "We believe the participation ValiRx received from the Placing reflects positively on our activities, particularly given the prevailing market conditions . With the Placing now completed we look forward to focusing on bringing the first diagnostic products through to commercial launch and to continue the solid progress we are making on the GeneICE cancer therapeutic technologies." About ValiRx plc ValiRx is a biopharmaceutical company that is building a portfolio of complementary cancer-related diagnostic and therapeutic products based on patented technologies. The Company's products are rooted in the epigenomic analysis and treatment of cancer. Epigenetics is the emerging science of how, when and why genes are switched "on" or "off" in the body. By knowing which genes are responsible for a specific disease, doctors can target the therapy to that particular gene. At the same time, the technology has the potential to also be used for screening purposes in identifying individuals at risk of developing disease based on their epigenetic make-up. ValiRx currently holds a worldwide exclusive license for Nucleosomics, the early stage oncology diagnostics technology, and has majority stakes in Cronos Therapeutics Ltd ("Cronos") and ValiBIO SA: * Cronos holds worldwide exclusive licenses to two innovative and potentially market changing technologies, GeneICE and HyperGenomicsTM, and is developing further novel cancer therapies; * ValiBIO SA is a Belgium joint venture between ValiRx and BIO.be focusing on the development and commercialisation of products in the epigenomics sector, the first products to be put into development being HyperGenomics and Nucleosomics. ValiRx has a 77% majority holding in the company. ValiRx is headquartered in London, England. Further information can be found at www.valirx.com Contact Details: For Further Information, please contact: ValiRx Plc WH Ireland GTH Communications Dr Satu Vainikka David Youngman Toby Hall / Brooke Paul +44 (0) 203 008 4416 +44 (0) 161 832 2174 +44 (0) 20 7153 8039/8035