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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 1

Tranche 2

Tranche 3

Total

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 available for drawdown

nil

nil

US$850,000

US$850,000






Total conversion / repayment of tranche into ordinary shares

US$1,209,905

nil

nil

US$1,209,895

Balance of tranche outstanding

US$40,095

US$1,250,000

US$400,000

US$1,690,105

 

 

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: +44 (0) 7879 458 364

tarquin.edwards@valirx.com



Cairn Financial Advisers LLP (Nominated Adviser)

Liam Murray/Jo Turner/Richard Nash

Tel: +44 (0) 20 7213 0880



Beaufort Securities Limited (Broker)

Jon Belliss

Tel: +44 (0) 207 382 8300

 

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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