31 January 2014
ValiRx Plc
("ValiRx" or the "Company")
Sale of shares in VolitionRx
ValiRx Plc (AIM: VAL), a life science company with a focus on cancer therapeutics for personalised medicine, confirms that it has sold its shareholding of 510,811 shares in VolitionRx, for US$601,578.
The Company will use the proceeds for the continuing clinical development of its lead compounds VAL101 and VAL201.
As announced on 11 October 2010 and further updated on 10 June 2011 the Company transferred some of its non-core technology to an affiliate of VolitionRx in return for certain payments and the allotment of 510,811 shares to the Company, the sale of these shares completes the Company's divestment of the relevant non-core technology.
The shareholding in VolitionRx was valued at US$1.1m (£738,943) in the Company's interim financial report to 30 June 2013.
The board believes that the Company will obtain a better return for shareholders by investing the proceeds received from this transaction in the continuing clinical development of VAL101 and VAL201 and to progress their development towards those respective value inflection points that exist across the portfolio.
For more information, please contact:
ValiRx plc |
Tel: +44 (0) 20 3008 4416 |
Dr Satu Vainikka |
www.ValiRx.com |
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Cairn Financial Advisers LLP (Nominated Adviser) |
Tel: +44 (0) 20 7148 7900 |
Liam Murray / Avi Robinson |
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Daniel Stewart & Company Plc (Broker) |
Tel: +44 (0) 20 7776 6550 |
David Hart / Mark Treharne |
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Peckwater PR |
Tel: +44 (0) 7879 458 364 |
Tarquin Edwards |
[email protected] |
Notes for Editors
ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology
therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
The Company listed on AIM in October 2006 and is creating a portfolio of innovative products through investment in specific development projects. It actively manages projects within this portfolio as a trading company and is not an investment vehicle. The ValiRx business model spreads the risks of life science technology developments by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.
The Company operates through the following divisional companies:
1. ValiFinn is the biomarkers and diagnostic development division
2. ValiPharma is the therapeutics division with two embedded technologies primarily directed at
the treatment of cancers.
