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  • BY: Andrew Hore |
  • POSTED: 16/03/2020 |

ValiRx is calling another general meeting after shareholders failed to pass resolutions that would have enabled it to issue shares to raise money. 

The biotech company has little cash left and needs to raise money to continue with its trials and drug development. 

The new plan is to consolidate 125 shares into one new share and reduce the nominal value to 0.1p a share so that new shares can be issued. An open offer to existing shareholders may be offered after the cash position has been stabilised by a share issue.

A requisition has been received asking for the removal of Dr George Morris and Satu Vainikka as executive directors. The company says that their removal could delay trial results for prostate cancer treatment VAL201. Dr Morris will leave the board after the trial is completed.

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