ValiRx Plc
("ValiRx" or the "Company")
Issue of Equity - conversion of loan note
London, UK. 18th April 2016: ValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, announces that further to the announcement made on 1 April 2016, the Company has received a conversion notice from Bracknor to convert £120,000 of its Convertible Loan Notes into ordinary shares in the Company.
A total of £290,000 of Convertible Loan Notes issued to Bracknor remain outstanding following the conversion detailed above.
Consequently the Company has today conditionally issued and allotted 1,621,622 new ordinary shares in the Company at a price of 7.4 pence per share. The new ordinary shares will rank pari passu with the existing ordinary shares. Application for the 1,621,622 new ordinary shares has been made to the London Stock Exchange and trading in the shares is expected to commence on or around 22 April 2016.
Following the issue of equity above, the Company's issued share capital will comprise of 45,332,017 ordinary shares.
Issue of warrants
The announcement made on 21 March 2016, relating to the convertible loan facility stated:-
"The Company has agreed to issue CLN Warrants such that, at the point of any conversion of CLNs ("Conversion"), the Company shall issue CLN Warrants to Bracknor at a rate of 115% of the number of shares to be issued pursuant to the corresponding Conversion. The CLN Warrants shall be exercisable at any time prior to the fifth anniversary of the date of their issue."
The Company and Bracknor have subsequently agreed that the issue of Warrants will be pursuant to the drawdown of each Tranche of the Convertible Loan Note rather than the Conversion as set out above.
Consequently the Company has issued a warrant over an additional 1,710,922 ordinary shares at an exercise price of 9.0 pence per share, which may be exercised at any time until 31 March 2021.
In aggregate, warrants over 6,367,663 ordinary shares at an exercise price of 9.0 pence have been issued in relation to the drawdown of the Initial Tranche, which may be exercised at any date until 31 March 2021.
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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 [email protected] |
Mark Treharne, Corporate Development Manager |
Tel: +44 (0) 7736 564 686 [email protected] |
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Cairn Financial Advisers LLP (Nominated Adviser) |
Tel: +44 (0) 20 7148 7900 |
Liam Murray |
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Northland Capital Partners Limited (Broker) |
Tel: +44 (0) 20 7382 1100 |
Patrick Claridge / David Hignell (Corporate Finance) John Howes / Abigail Wayne (Broking) |
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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 has undertaken to develop a novel and groundbreaking class of therapeutics across a number of fields in oncology and has taken its lead compound, Val201, into Phase I/II clinical trials. The Company listed on the Alternative Investment Market ("AIM") of the London Stock Exchange in October 2006.
The Company has a pipeline of other therapeutic drugs, which are currently progressing towards clinical trials. The product focus is in the targeted analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
It actively manages projects within its portfolio as a trading company. The ValiRx business model spreads the risks of life science technology development 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. ValiPharma is the therapeutics division, with two embedded technologies primarily directed at the treatment of cancers.
2. ValiFinn is the biomarkers and diagnostic development division. ValiRx acquired through its ValiFinn subsidiary, the complimentary TRAC technology later in the year to strengthen the portfolio.
3. ValiSeek is a joint venture between ValiRx and Tangent Ltd to develop Val401 in lung cancer and potentially other indications.
