ValiRx (AIM:VAL), an AIM‑quoted life sciences company focused on cancer therapeutics and women's health, said it is raising up to £1.16m to fund set‑up of an SPV and the in‑licensing of the McGill asset, preclinical development of Cytolytix, expansion of ValiRx Animal Health and related work via a placing, subscription and proposed retail offer.
The proceeds, approximately £1.16m assuming full retail take‑up, are intended in priority order for SPV set‑up and McGill in‑licensing, preclinical immune engagement and toxicity testing for Cytolytix, the 3K screen and VAL201 2.0 evaluations, with operational costs covered thereafter and the balance from R&D tax credits, revenue and grants.
The placing comprises 500m new shares at 0.2p and a director subscription of 2.5m shares raising approximately £1m before expenses, with a retail offer of up to £150,000 (75m shares) taking total new issuance to 577.5m shares, representing approximately 43.7% of the enlarged share capital of 1.32bn shares assuming full take‑up.
The issue price of 0.2p is a 17% discount to the closing mid‑market price of 0.241p on 14 May.
"We believe the current valuation does not fully reflect the breadth of assets, intellectual property and commercial optionality within the Group, and this fundraising is designed to help unlock several potential near‑term catalysts," Mark Eccleston, CEO.
