TIDMVAL
RNS Number : 5089W
ValiRx PLC
19 August 2020
VALIRX PLC
("ValiRx", the "Company" or the "Group")
Block Listing Application and Company Update
London, UK 19 August 2020: ValiRx Plc (AIM: VAL), the clinical
stage biotechnology company announces an application of a block
listing of securities to facilitate the potential exercise of
warrants; a summary of the terms of Fundraise Warrants in relation
to the Conditional Fundraise announcement made by the Company on 4
May 2020; and an update in respect of the Company's clinical
programmes.
Block Listing Application
Application has been made to the London Stock Exchange for the
block listing of securities in respect of 9,034,732 ordinary shares
of 0.1 pence each ("New Ordinary Shares") to be admitted to trading
on AIM.
The block listing application relates to 9,034,732 ordinary
shares of 0.1 pence each to be issued from time to time in order to
satisfy the potential exercise of the Fundraise Warrants granted by
the Company in relation to the Conditional Fundraise announced on 4
May 2020 ("ValiRx plc Fundraise Warrants May 2020").
It is expected that admission will become effective on or around
24 August 2020.
When issued, the New Ordinary Shares will be credited as fully
paid and will rank pari passu in all respects with the existing
ordinary shares of 0.1 pence each in the capital of the Company
("Ordinary Shares").
As at today, there are 54,062,373 Ordinary Shares in issue with
one voting right per share. The Company does not hold any shares in
treasury. The Company will make six-monthly announcements of the
utilisation of the block admission, in line with its obligations
under AIM Rule 29 and monthly announcements as to any changes to
total voting rights.
Summary of Fundraise Warrant terms
The Company announced on 4 May 2020 it had undertaken a
Fundraise with a warrant attached ("Fundraise Warrant") allowing
the holder of a Fundraise Share to subscribe for an additional
ordinary share in the Company for every two Fundraise Shares held
at an exercise price of 13 pence per share.
The Company may serve notice (the "Notice") on the Fundraise
Warrant holder to exercise their Fundraise Warrant in the event
that closing mid-market share price of the Company exceeds 15p over
a 5-consecutive day period within 12 months of the date of the
Fundraise Shares are admitted to trading on AIM ("Notice Event").
In the event the Company serves Notice, any Fundraise Warrants
remaining unexercised following the expiry of the length of the
period of the Notice will be cancelled.
The Company will notify Fundraise Warrant holders of a Notice
Event both in writing and by regulatory notification. Failure to
exercise the Fundraise Warrants within the time limit prescribed in
the Notice following the Notice Event will result in the
cancellation of the Fundraise Warrants that remain unexercised.
As at the date of this notification the Fundraise Warrants
remain capable of being exercised at 13p in accordance with the
terms of the Warrant Instrument and associated Certificate.
General Update
VAL201
The Phase 1/2 clinical trial of VAL201 in the treatment of men
with prostate cancer was closed to further recruitment on 27
January 2020, with recruitment standing at a total of 12 patients
dosed across 5 cohorts. The dose escalation was carried out from
0.5 mg/kg up to 8 mg/kg with dosing being carried out once a
week.
The trial considered the safety and tolerability of drug
administration, alongside pharmacokinetics and disease impact.
Although the COVID-19 pandemic lockdown initially cast concern on
the time schedules for data verification processes, the project
remains on track to release headline results within Q3 2020, which
will provide basic details of safety, tolerability and disease
impact. More detailed observations on the pharmacokinetics and
complete summaries of patient demographics, biochemistry and study
conduct will be available when the Clinical Study Report is
completed in Q4 2020.
VAL301
VAL301, the same peptide ingredient as VAL201, is being
investigated for the treatment of women with endometriosis in the
preclinical stage of development.
The Company announced on 1 May 2020 that a material transfer
agreement was signed with an undisclosed Japanese pharmaceutical
company. which is carrying out laboratory-based evaluations using
their own processes to determine whether to enter a licensing
agreement with ValiRx for further development of the project.
VAL401
On 14 January 2020, the Company announced that its subsidiary,
ValiSeek Limited, signed a letter of intent with Tangent
Reprofiling Limited and Black Cat Bio Limited, to enable Black Cat
Bio to seek funding for the development of the VAL401 clinical
program. When an undisclosed threshold of funding is reached, the
VAL401 IP license will be transferred from ValiSeek to Black Cat
Bio, and all shareholders of ValiSeek, including ValiRx, will
become shareholders of Black Cat Bio.
BC201
On 2 June 2020, the Company announced that it has entered into a
collaboration agreement with Oncolytika Limited and Black Cat Bio
to consider the potential for VAL201 to be used in combination with
other components for treatment of patients suffering a hyperimmune
response after Coronavirus SARS-CoV2 infection.
Black Cat Bio is co-ordinating the project overall, with project
management of specific elements contributed by ValiRx and
Oncolytika.
ValiRx will provide samples of VAL201 to enable the testing
programme. Subject to a successful outcome, ValiRx will receive 40%
of any licensing income generated by the project.
Non-core assets
As a result of the business review of 19 May 2020, several
projects were identified as non-core assets and deemed not to fit
with the future strategy of the Company. Subsequent to this review,
the assets acquired from FitBiotech Oy and the portfolio
surrounding the TRAC technology were disposed of via a patent
assignment as announced on 29 May 2020. The licenses for the
GeneICE technology are in the process of being terminated as
announced on 29 May 2020.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
ValiRx plc Tel: +44 (0) 20 7073
2628
www.valirx.com
Suzanne Dilly Suzanne.Dilly@valirx.com
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
Liam Murray / Jo Turner / Ludovico Lazzaretti
Peterhouse Capital Limited (Sole Broker) Tel: +44 (0) 20 7469
Duncan Vasey / Lucy Williams / Eran Zucker 0930
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
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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