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RNS Number : 8449G
ValiRx PLC
01 June 2017
 

 

ValiRx Plc

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

 

Yorkville CLN Conversion

 

London, UK., 1 June 2017: ValiRx Plc (AIM: VAL), a life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering, announces the conversion of the first tranche of the YA Global Master SPV Ltd ("Yorkville") Convertible Loan Facility ("CLN"), the terms of which are described in the announcement dated 2 September 2016.

 

Yorkville has elected to convert US$250,000 of its CLN (plus accrued interest of US$22,724) into 10,453,630 ordinary shares at a conversion price of 2.0292p per share. US$348,433 (plus accrued interest) of this tranche of the CLN remains outstanding. US$1,250,000 of the second tranche of CLNs remain outstanding.

 

Application for the 10,453,630 ordinary shares will be made to the London Stock Exchange and trading in these shares is expected to commence on or around 7 June 2017.

 

Following the issue of equity above the Company's issued share capital will comprise of 143,809,744 ordinary shares.

 

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

 

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: +44 (0) 7879 458 364

tarquin.edwards@valirx.com

Cairn Financial Advisers LLP (Nominated Adviser)

Tel: +44 (0) 20 7213 0880

Liam Murray / Jo Turner


Beaufort Securities Limited (Joint Broker)

Tel: +44 (0) 207 382 8300

Jon Belliss


 

Notes for Editors

ValiRx Plc

ValiRx is a biotechnology oncology focussed 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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