7th Apr 2008 17:13
ValiRx PLC07 April 2008 ValiRx plc (the "Company") Notice of General Meeting and Placing The Company confirms that a circular will be dispatched today to shareholders toconvene a general meeting of the Company to be held at 10:30 a.m. on Friday 2May 2008 to approve the following resolutions (the "Resolutions"): 1. an ordinary resolution to increase the authorised share capital of the company from £5,100,000 to £7,200,000; 2. an ordinary resolution to authorise the Directors to allot relevant securities (as defined in section 80 of the Act) up to a maximum amount of £2,000,000; and 3. a special resolution to allow the Directors, subject to the limits set out in that resolution, to issue shares for cash on a non-pre-emptive basis, including a specific authority to allot shares up to an aggregate nominal amount of £2,000,000. A copy of the circular will be available on the Company's website,www.valirx.com. In addition, the Company announces that, subject to the passing of theResolutions, it has raised, in aggregate, £599,399.88 via a placing of 9,989,998new ordinary shares of 6p each in the Company ("Ordinary Shares") at 6p pershare ("Placing Shares") with a warrant attached. Application will be made for2,516,666 new Ordinary Shares to be admitted to trading on AIM on 11 April 2008.The admission of the balance of 7,473,332 new Ordinary Shares, which isconditional on the approval of the Resolutions, is anticipated to occur on 6 May2008. The net proceeds from the placing will be used by the Company to fund two areas: Cancer therapeutic Currently the preclinical trials on the Company's proposed cancer drug, GeneICE,are being undertaken at the cost of Cancer Research UK but the preclinicaltrials phase are nearing completion. On the assumption that these trials havebeen successful, further work at the Company's expense will be required, toprepare for human trials. Further news on GeneICE is anticipated in the next fewweeks. Cancer diagnostic The Company has a 77% interest in ValiBIO which has already commenced work oncommercialising two cancer diagnostic products. These are anticipated to becomerevenue generative within the next 12 months period. Following the admission of all of the Placing Shares, the Company will have41,603,095 Ordinary Shares in issue. Attached to each Placing Share will be a warrant to subscribe for one newOrdinary Share at 10p per share for a period of three years from the admissionof the Placing Shares to trading on AIM. Contact Details: ValiRx Plc WH Ireland Limited GTH Communications Dr Satu Vainikka David Youngman Toby Hall / Jade Mamarbachi +44 (0) 203 008 4416 +44 (0) 161 832 2174 +44 (0) 20 7153 8035 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ValiRx