Close
RNS Number : 8428K
ValiRx PLC
18 December 2018
 

 

 

 

 

 

ValiRx Plc

("ValiRx" or the "Company")

 

Issue of Equity / PDMR Shareholdings / Related Party Transaction

 

London, UK, 18 December 2018: ValiRx Plc (AIM: VAL), a clinical stage biotechnology company, announces that it has raised £0.5 million of gross proceeds through the issue of 66,666,666 new ordinary shares at a price of 0.75 pence per share ("Placing Shares") with new and existing investors. 

 

Certain directors of the Company have participated in the Placing on the basis set out in the table below.

 

Use of Proceeds

The Directors intend that the net proceeds of the Placing will be used to further expand the scope of the clinical trial of VAL201 to treat prostate cancer and to thereby allow the treatment to more speedily reach its full therapeutic potential and potential anti-cancer impact. The funds will also be used to progress the development of the pre-clinical VAL301 and VAL101 programmes and towards clinical trials.

 

Director's dealing

Details of the directors' participation in the Placing:

Director

Number of Existing Ordinary Shares currently beneficially interested in

 

Number of Placing Shares to be acquired on Admission

 

Resulting number of Ordinary Shares beneficially interested in on Admission

 

Percentage of Enlarged Share Capital

 

Satu Vainikka

624,909

1,333,333

1,958,242

0.3%

George Morris

588,287

1,333,333

1,821,620

0.3%

Oliver de Giorgio-Miller

59,555

1,333,333

1,392,888

0.2%

Gerry Desler

541,875

1,333,333

1,875,208

0.3%

Total

1,814,626

5,333,332

7,047,958

1.1%

 

 

Issue of Warrant

The funds were raised through the Company's broker, Novum Securities Limited ("Novum"). As part of their fee arrangement, the Company has agreed to issue Novum with a warrant over 6,666,666 ordinary shares in the Company, which can be exercised at a price of 0.75 pence per share at any time until the third anniversary of the issue of the warrant.

 

Related Party Transaction

The directors' participation in the Placing is a related party transaction for the purposes of the Rule 13 of the AIM Rules for Companies ("the Transaction"). Kevin Alexander, a director of the Company who is independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, considers the terms of the Transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

 

Issue of Equity

The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company.

 

Application has been made to the London Stock Exchange for the 66,666,666 new ordinary shares to be admitted to trading on AIM.  Admission of the shares is expected to occur on or around 31 December 2018.

 

Following Admission, the Company's enlarged issued share capital will comprise 598,296,049 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 598,296,049 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

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/Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880



Novum Securities Limited (Broker)

Colin Rowbury

Tel: +44 (0) 20 7399 9400

 

 

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 World 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

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

a.

Name

- Satu Vainikka

- George Morris

- Oliver de Giorgio-Miller

- Gerry Desler

 

2

Reason for notification


a.

Position/Status

PDMR

b.

Initial notification/

Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

ValiRx Plc

b.

LEI

213800VQKB9SJCQDET40

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the financial instrument, type of instrument

Identification Code

Ordinary Shares in the Company

 

ISIN: GB00BWWYSP41

b.

Nature of the transaction

Participation in the Placing

c.

Price(s) and volume(s)







Price(s) per share

Volume(s)


- 0.75p

- 0.75p

- 0.75p

- 0.75p

- 1,333,333

- 1,333,333

- 1,333,333

- 1,333,333


 

 

d.

Aggregated information

 

- Aggregated Volume

 

- Price

 

 

5,333,332

 

0.75p

e.

Date of the transaction

18 December 2018

f.

Place of the transaction

AIM

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCBBBDDDDBBGII