Business
Subscription Agreement Update
Subscription Agreement Update.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 6027B ValiRx PLC 10 June 2019 \n\nVALIRX PLC\n(\"ValiRx\", the \"Company\" or the \"Group\")\nUpdate - Subscription Agreement, Convertible Funds and Warrant Issue\nLondon, UK, 10 June 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company provides an update on the announcement made by the Company on 26 April 2019 (and subsequent updates) relating to a Subscription Agreement, Convertible Funds and a Warrant Issue (the \"Subscription Agreement\") with European High Growth Opportunities SF (the \"Investor\").\nThe Company and the Investor are currently in advanced discussions to agree the termination of the Subscription Agreement, the Company anticipates a further announcement in relation to this matter will be made shortly. The Company no longer intends to enter into any other arrangements with the Investor.\nThe Company understands that the Investor no longer has a holding in the Company.\nAs previously notified the Company's working capital position is dependent on new funds being raised in the short term. The directors are carefully managing the Company's working capital position.\nThe Company announces that it has arranged to dispose of its investment in an unlisted security for c.£140,000, the proceeds of which are expected to be received in the next week.\nFurthermore, the Company is due to receive a c. £400,000 payment from HMRC in July 2019 in relation to an R&D tax credit.\nThe directors will continue to monitor the Company's working capital position and will make further announcements as necessary.\nThis announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014.\n*** ENDS ***\n \nFor more information, please contact:\n \n\n\n\nValiRx plc\n\n\nTel: +44 (0) 20 3008 4416\nwww.valirx.com\n\n\n\n\nDr Satu Vainikka, Chief Executive\n\n\nTel: +44 (0) 20 3008 4416\n\n\n\n\nTarquin Edwards, Head of Communications.\n\n\nTel: +44 (0) 7879 458 364\[email protected]\n \n\n\n\n\nCairn Financial Advisers LLP (Nominated Adviser) \nLiam Murray/Jo Turner/Ludovico Lazzaretti\n\n\nTel: +44 (0) 20 7213 0880\n\n\n\n\nNovum Securities Limited\nColin Rowbury\n\n\nTel: +44 (0) 20 7399 9400\n\n\n\nNotes for Editors\n \nAbout ValiRx\nValiRx is a biotechnology oncology focused company specialising in developing novel treatments for c...