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ValiRx surges as it raises £1mln at a premium and confirms VAL401 phase II trial on track for readout this year

The £1mln will be used to advance the clinical trial of its lead compound, VAL201, as well as for advancing other pre-clinical programmes
test tubes in a laboratory
ValiRx issued shares at 1.25p apiece – ahead of yesterday’s closing price of 1.15p

ValiRx Plc (LON:VAL) shares surged late on Thursday after the biotech firm raised £1mln at a premium and confirmed it was on track to release results from the VAL401 trial before the year is out.

Starting with the fundraising, the AIM-quoted company issued 80mln new shares at 1.25p apiece – higher than Wednesday’s closing price of 1.15p.

That £1mln will be used for advancing the clinical trial of its lead compound, VAL201, as well as for advancing other pre-clinical programmes.

Addressing the recent share price rise this week, ValiRx said it believed the increase was a “consequence of comments and analysis surrounding the company's developmental pipeline”.

It confirmed that it remains on track to disclose full results from phase II clinical trial of its VAL401 novel cancer treatment drug before the end of the year.

Shares jumped 11.7% to 1.28p late on Thursday.

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