Use of Proceeds
The net proceeds of the Placing will be used to analyse the Phase I/II clinical trial of VAL201 to treat prostate cancer and associated metastatic conditions and continue the development of
VAL201 - As announced on
VAL301 - The Company continues with the pre-clinical development of VAL301, focused on the treatment of endometriosis. Endometriosis represents one of the major causes of female infertility.
VAL401 - Completed its first clinical trial in Q3 2017 as an oral treatment for late-stage non-small cell lung cancer. Data from the completed Phase II clinical trial showed that palliative stage patients could expect to see improvements in symptoms, with the added benefit of improved survival prospects. ValiSeek is currently in discussions with potential partners for starting the next phase of clinical trial.
Appointment of Joint Broker
The Company is pleased to announce the appointment of
Issue of Warrant
Each Placing share will carry a warrant to subscribe for one further share at a price of 0.10p per share, exercisable at any time from Admission (as defined below) up to the third year anniversary of Admission. The funds were raised through
Following the grant, in aggregate, of the 220,000,000 warrants over ordinary shares, the Company will have 290,076,425 warrants over ordinary shares in issue. Of the above cumulative 220,000,000 warrant granted, 140,000,000 warrants over ordinary shares will be exercisable subject to certain shareholder approvals being obtained at an upcoming general meeting of the Company.
Issue of Equity
The 200,000,000 new ordinary shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made to the
Dr Satu Vanikka, CEO of
'I look forward to regulatory approval of the trial data being speedily reached and the opportunity of potentially demonstrating that VAL201 can address this widespread and often fatal disease in men. We will keep shareholders updated on progress.'
Contact:
Tel: +44 (0) 20 3008 4416
Web: www.valirx.com
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