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ValiRx PLC - Hatfield Heath, England-based life sciences company focused on early-stage cancer therapeutics and women’s health - Raises £1 million from placing of 9.1 million shares at 11 pence each. Also will raise up to £500,000 more from a broker offer to retail investors at the same price. Turner Pope Investments Ltd will run the broker offer. Every four shares in the placing and retail offer come with a warrant to buy another new share at 14p over the next three years. Calls February 2 general meeting to approve the fund raise. Currently has a £10.1 million market capitalisation.
ValiRx says the fresh cash will be used to establish a new ValiRx internal research facility, which it will use to launch a tCRO, or translational contract research organisation, offering. ‘The new facility should not only bring significant cost savings on existing evaluations but will also provide a stronger platform from which we may scale-up through future potential acquisitions,’ says Non-Executive Chair Kevin Cox.
Current stock price: 11.16p, down 9.3% on Friday in London
12-month change: down 61%
By Tom Waite, Alliance News editor
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