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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 |
RNS Number:3061O EiRx Therapeutics PLC 19 February 2008 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 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 IOELKLFFVLBZBBQ
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