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ERX Eirx Therap.

0.015
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eirx Therap. LSE:ERX London Ordinary Share GB00B0XQBS97 ORD 0.001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.015 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Funding package-Amendment

19/02/2008 2:10pm

UK Regulatory


RNS Number:3113O
EiRx Therapeutics PLC
19 February 2008


  This announcement replaces RNS number 3061O. The number of shares placed is
              4,000,000,000 and not 4,000,000 as originally shown.



                             EIRX THERAPEUTICS  PLC
                          ( "EiRx" or "the Company" )

                                Funding package


The Directors of EiRx Therapeutics plc are pleased to announce that EiRx has put
in place a funding package which they believe is sufficient to fund the Company
and to allow it to advance its drug development programme over the next  twelve
months.

The funding package comprises a placing of shares for cash, the issue of
convertible loan stock and an increased in the secured bank facility.

The Company today announced that it has placed a total of  4,000,000,000 EiRx
Ordinary Shares of 0.001p nominal value at a price of  0.015p per share to raise
£600,000. Of this amount, £170,125 is as a debt for equity swap. Subscribers
under the placing will be granted, subject to shareholder consent, one warrant
for every three shares subscribed. Each warrant is convertible at a price of
0.015p per share.

Billam AG has agreed to make available a further £300,000 of funding from
September 2008 through Zero Coupon Non-Redeemable Convertible Loan stock
convertible at the current placing price of 0.015p per share. In addition,
Billam AG has also agreed to guarantee additional secured bank borrowings of up
to £350,000, to replace the existing facility of £200,000, as announced on 8
November 2007.

As part of the funding agreement Billam AG will act as a consultant to the
company to assist overall development and help build shareholder value.

The Company intends to hold a general meeting at which shareholders will be
asked to give the EiRx directors authority to issue the warrants referred to
above as well as new authorities to issue shares generally. Billam AG and the
EiRx directors currently intend to subscribe for up to a further £100,000 under
a subsequent placing.

Application will be made for the admission of the 4,000,000,000 placing shares
to trading on AIM with admission expected to take place on 25 February 2008.
Following the admission of the placing shares, which will rank pari passu with
all other EiRx Ordinary Shares, the Company will have 6,975,742,760 shares in
issue. Of these shares Billam AG will hold a total of 1,442,000,000 representing
20.7 per cent. of the Company's total voting rights


John Pool, Chairman of EiRx commented

"We are pleased to have this investment in the company as this secures funding
of the R&D programme over the next 12 months"

Commenting on the placing, Peter Hoskins, Director of Billam AG stated

"We are pleased to be able to assist  the team of scientists at  EiRx
Therapeutics Plc  and their product discovery engine for rapid low cost
production of anti-cancer compounds from which a very promising pipeline of
early stage drug candidates is emerging."




For further information, please contact:

EiRx Therapeutics plc                                 +353 (0)21 432 0847
Colin Telfer PhD, Chief Executive Officer
Grant Thornton Corporate Finance                      +44 (0)20 7383 5100
Philip Secrett / Colin Aaronson
Billam AG                                             peterhoskins@billam.org
Peter Hoskins



About EiRx

EiRx Therapeutics (AIM: ERX) is a research-driven healthcare company developing
cutting-edge targeted therapies for the treatment of cancer.  EiRx is
headquartered in Cork, Ireland, and conducts drug discovery from its
laboratories in Cork and in Aberdeen, Scotland.  The Company has an initial
focus on tumours arising due to anomalies in apoptosis and cellular growth
regulatory pathways, with particular relation to breast and colorectal tumours,
currently two of the four leading causes of death from cancer world-wide.

EiRx is built on leading scientific expertise in the areas of apoptosis biology,
cancer pathway biology, biomarker technologies and the metabolic basis of drug
resistance in tumours.  It has established technical capabilities in target
identification, validation and cell-based screening, and is combining unique
resources such as the ACCRI-BANK clinical tissue bank, the ALIBITM functional
genomics platform and the Engineered Pathway Dependence ("EnPADTM") isogenic
cellular screening technology to create a product development engine
specialising in discovery and development of small-molecule targeted cancer
therapies and the discovery and validation of cancer biomarkers.


For further information please see our website at http://www.eirx.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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