Date: 2012-11-01
Type of information: Fundraising
Company: ValiRx (UK)
Investors:
Amount: £2.03 million (€2.5 million)
Funding type:
Planned used: The net funds raised from the issue and allotment of the Initial Allocation Shares and the Second Allocation Shares will provide the Company with the funding required to take VAL201 through and to the end of Phase 1, VAL201’s first clinical trial. The trial is aimed at demonstrating that the compound is safe with respect to the context in which it is intended to be used and reveal what dosing level will be required to show a potential clinically measurable effect.
Others: ValiRx, a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, has announced a conditional placing to raise £2.03 million by way of the issue of new ordinary shares at 0.45 pence per share. The Placing is being managed by Hybridan LLP, the Company’s broker and will occur in two allocations. The Initial Allocation is for gross proceeds of £1.13 million, which represents the current limit of authorities. The Second Allocation is for gross proceeds of £0.90 million and is conditional on Shareholder approval of the Resolution to dis-apply pre-emptive rights, which will be sought at the General Meeting. If Hybridan elects to waive such condition, the Initial Allocation Shares will be issued to those Placees that have agreed to subscribe for the Initial Allocation Shares regardless of the outcome of the General Meeting.
Therapeutic area: Cancer - Oncology
