ValiRx PLC Convertible Loan Facility (7140N)

TIDMVAL

RNS Number : 7140N

ValiRx PLC

11 August 2017

ValiRx Plc

("ValiRx" or "the Company" or "the Group")

Convertible Loan Facility

London, UK., 11 August 2017: ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, announces that it has drawn down US$400,000 of the third tranche of its Convertible Loan Facility (announced on 02 September 2016) with YA Global Master SPV Ltd ("Yorkville").

The Table below sets out a summary of the facility following the conversion detailed above:-

 
                          Tranche          Tranche          Tranche        Total 
                           1                2                3 
-----------------------  ---------------  ---------------  -------------  --------------- 
 Par value of tranche     US$1,250,000     US$1,250,000     US$1,250,000   US$3,750,000 
-----------------------  ---------------  ---------------  -------------  --------------- 
 Amount drawn down        (US$1,250,000)   (US$1,250,000)   (US$400,000)   (US$2,900,000) 
-----------------------  ---------------  ---------------  -------------  --------------- 
 Balance of tranche       nil              nil              US$850,000     US$850,000 
  available for 
  drawdown 
-----------------------  ---------------  ---------------  -------------  --------------- 
 
 Total conversion         US$1,209,905     nil              nil            US$1,209,895 
  / repayment of 
  tranche into ordinary 
  shares 
-----------------------  ---------------  ---------------  -------------  --------------- 
 Balance of tranche       US$40,095        US$1,250,000     US$400,000     US$1,690,105 
  outstanding 
-----------------------  ---------------  ---------------  -------------  --------------- 
 

Each tranche has a maturity date of 12 months from the date of drawdown. The Convertible Loan Notes bear an interest rate of 9 per cent. per annum.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

*** ENDS ***

For more information, please contact:

 
 ValiRx plc                                 Tel: +44 (0) 20 
                                             3008 4416 
                                             www.valirx.com 
 Dr Satu Vainikka, Chief Executive          Tel: +44 (0) 20 
                                             3008 4416 
 Tarquin Edwards, Head of Communications.   Tel: [phone] 
                                             458 364 
                                             [e-mail] 
 
 Cairn Financial Advisers LLP               Tel: +44 (0) 20 
  (Nominated Adviser)                        7213 0880 
  Liam Murray/Jo Turner/Richard 
  Nash 
 
 Beaufort Securities Limited                Tel: +44 (0) 207 
  (Broker)                                   382 8300 
  Jon Belliss 
 

Notes for Editors

About ValiRx

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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August 11, 2017 02:00 ET (06:00 GMT)