ValiRx PLC Notice of AGM & Update of Subscription Agreement (1416B)
June 05 2019 - 2:00AM
UK Regulatory
TIDMVAL
RNS Number : 1416B
ValiRx PLC
05 June 2019
VALIRX PLC
("ValiRx", the "Company" or the "Group")
Notice of AGM and update of Subscription Agreement
London, UK, 5 June 2019: ValiRx Plc (AIM: VAL), the clinical
stage biotechnology company announces that the Notice of Annual
General Meeting (the "Notice") and Form of Proxy will be sent to
shareholders later today. The Annual General Meeting will be held
at 11:00 am on 28 June 2019 at the offices of DAC Beachcroft, 25
Walbrook, London, EC4N 8AF.
The Notice includes resolutions to:-
(1) Receive the annual report and accounts
(2) Re-appoint Kevin Alexander as a director
(3) Re-appoint the auditors
(4) Set the auditors' remuneration
(5) Provide authority to allot share capital
(6) Provide authority to dis-apply statutory pre-emption
rights
The directors have stated in the Notice their intention to use a
portion of the authority granted under Resolution (5) above to
facilitate, at an appropriate time, an Open Offer, expected to be
two new shares for every ten existing shares held.
Update on Subscription Agreement
As announced by the Company on 31 May 2019 and 28 May 2019, the
Company is in advanced discussions with European High Growth
Opportunities SF (the "Investor") to terminate the entire
Subscription Agreement that was announced on 26 April 2019 and
enter into a new convertible bond facility (the "New Facility").
The terms of the New Facility are still subject to negotiation and
agreement and no definitive documents have yet been entered into.
The Company expects to notify shareholders of the details of the
New Facility in due course, which, like the current deal, is
expected to oblige the Company to issue convertible bonds and
certain warrants to the Investor.
The Company will look to call a separate general meeting once
the formal binding terms and documentation have been finalised with
the Investor in order to seek the shareholder authorities required
to enter into such New Facility.
The Company's working capital position is dependent on new funds
being made available to it. The Company anticipates that the
Investor will provide it with additional funds in the short term,
under existing shareholder authorities, which will be used to drive
its clinical and pre-clinical assets to completion.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
*** ENDS ***
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
tarquin.edwards@valirx.com
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
Liam Murray/Jo Turner/Ludovico Lazzaretti
Novum Securities Limited Tel: +44 (0) 20 7399 9400
Colin Rowbury
Notes for Editors
About ValiRx
ValiRx is a biotechnology oncology focused company specialising
in developing novel treatments for cancer and associated
biomarkers. It aims to make a significant contribution in
"precision" medicine and science, namely to engineer a breakthrough
into human health and well-being, through the early detection of
cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing
therapeutic candidates early in the development process. By aiming
for early-stage value creation, the company reduces risk
considerably while increasing the potential for realising value.
The group is already in licensing discussions with major players in
the oncology field.
ValiRx's two classes of drugs in development, which each have
the potential for meeting hitherto unmet medical needs by existing
methods, have worldwide patent filings and agreed commercial
rights. They originate or derive from World class institutions,
such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents,
such as chemotherapy. With the development of target-based agents,
primed to attack cancer cells only, less toxic and more effective
treatments are now possible. New drugs in this group-such as those
in ValiRx's pipeline-promise to greatly improve outcomes for cancer
patients.
The Company listed on the AIM Market of the London Stock
Exchange in October 2006 and trades under the ticker symbol:
VAL
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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