ValiRx PLC Issue of Equity (0927R)

TIDMVAL

RNS Number : 0927R

ValiRx PLC

19 September 2017

19 September 2017

ValiRx Plc

("ValiRx" or the "Company")

Issue of Equity

ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, is pleased to announce a placing to raise GBP0.5 million. The Company has raised GBP0.5 million of gross proceeds through the issue of 50,000,000 new ordinary shares at a price of 1 pence per share ("Placing Shares"). The funds will be used for advancing the clinical dose escalation of VAL201 and for further progressing the late pre-clinical development of GeneICE and general working capital purposes.

The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00am on or around 25 September 2017.

Following Admission, the Company's enlarged issued share capital will comprise 203,958,193 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 203,958,193 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The Company shall grant to Beaufort warrants to subscribe for 3,000,000 ordinary shares in the capital of the Company at an exercise price of 1 pence per share. The warrants may be exercised at any time in the period expiring on the third anniversary of the date of Admission of the Placing Shares.

- ENDS -

For more information, please contact:

 
ValiRx plc                                        Tel: [phone] 
Dr Satu Vainikka, Chief Executive                 www.valirx.com 
 Tarquin Edwards, Investor Relations               Tel: [phone] 
                                                   [e-mail] 
 
Cairn Financial Advisers LLP (Nominated Adviser)  Tel: [phone] 
Liam Murray / Jo Turner 
 
 
Beaufort Securities Limited (Broker)              Tel: [phone] 
Jon Belliss 
 
 

Notes for Editors

GeneICE Platform

GeneICE (Gene Inactivation by Chromatin Engineering) is a novel proprietary gene silencing platform for the efficient silencing of targeted genes. This technology is based on natural mechanisms and has the potential to halt and reverse tumour growth. ValiRx has attracted two Eurostars grants, a European grant scheme of EUR1.6m each, for further development of its GeneICE technology platform.

GeneICE mimicks a natural process in cells to silence genes. The technology acts upstream of the gene expression, potentially enabling a better inhibition compared to existing therapeutics acting at the protein or post-transcriptional levels.

VAL201

VAL201 (Phase I/II) - a peptide for advanced prostate cancer and potential to treat other hormone- induced indications.

The main objectives of the Phase I/II study are to confirm safety and tolerability. Progressing through the dose escalation and expansion stages, the study is then designed to investigate further details of these aspects as well as efficacy. Particular emphasis will be placed on evaluating the pharmacokinetics, pharmacodynamics and early assessment of anti-tumour activity in response to VAL201, using a variety of measurements including ValiRx's biomarkers, with biomarkers being key indicators in personal medicine. Biomarkers are critical, firstly in identifying which individuals and which cancers can be helped, before then being used in the monitoring of those patients for therapeutic effectiveness. Finally, they significantly assist in the accurate prediction for and long-term prognosis of patients.

VAL201 selectively prevents tumour growth by specifically inhibiting the proliferation of tumour cells. As a result, tumour growth is suppressed and metastasis is significantly reduced. The approach is a targeted therapeutic with pre-clinical results that indicate that due to the specific nature of this treatment, this therapy is likely to be less toxic than many other therapeutic options.

About ValiRx Plc

ValiRx is a biotechnology oncology focused company specialising in developing novel treatments for cancer and associated biomarkers. It aims to make a significant contribution in "precision" medicine and science, namely to engineer a breakthrough into human health and well-being, through the early detection of cancer and its therapeutic intervention.

The Company's business model focuses on out-licensing therapeutic candidates early in the development process. By aiming for early-stage value creation, the company reduces risk considerably while increasing the potential for realising value. The group is already in licensing discussions with major players in the oncology field.

ValiRx's two classes of drugs in development, which each have the potential for meeting hitherto unmet medical needs by existing methods, have worldwide patent filings and agreed commercial rights. They originate or derive from Word class institutions, such as Cancer Research UK and Imperial College.

Until recently, cancer treatments relied on non-specific agents, such as chemotherapy. With the development of target-based agents, primed to attack cancer cells only, less toxic and more effective treatments are now possible. New drugs in this group-such as those in ValiRx's pipeline-promise to greatly improve outcomes for cancer patients.

The Company listed on the AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 19, 2017 02:00 ET (06:00 GMT)