Cancer and personalised medicine biotech ValiRx (LON:VAL) has raised £900,000 through a placing to fund ongoing pre-clinical work on its cancer treatments and pipeline projects.
Six ValiRx directors, including chief executive Dr Satu Vainikka, are participating in the placing and subscribed to a total of 10,000,020 shares.
The shares were placed at a price of 0.45 pence per placing share, a slight discount to the market price.
After the placing the company will have 1.26 billion shares in issue.
Dr Vainikka said: “The placing will enable us to take significant steps forward on a number of fronts across our business.”
The company’s lead compounds, VAL101 and VAL201 are aimed at leukaemia and prostate and breast cancers.
Dr Vainikka added that the placing will also allow the company to develop the marketing of its specialist biomarker unit and take other development projects in the pipeline to pre-clinical stage.
“While our focus remains firmly on the pre-clinical and translational studies at hand, I look forward to ValiRx being able to further capitalise on the opportunity and potential presented across the Group, as we push ahead into the next phase of our business," Dr Vainikka added.