Shares of ValiRx Plc (LON: VAL) rallied 8.78% after the company released its financial results for 2020, indicating that it had a cash balance of £1,846,901 on 31 December 2020, which had fallen to £1,502,885 on 31 March 2021.
The company raised a total of £4.2 million through share placements and warrant exercises in 2020, giving itself an adequate financial runway to keep executing its commercial and scientific strategy up to this year.
ValiRx’s operational updates were the highlight of the report as the company elaborated on the steps taken to support its new strategy, including the hiring of Dr Suzanne Dilly as its new CEO and Dr Kevin Cox as the Non-executive Chairman of the board.
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The company also developed a risk-diversified approach to early-stage drug development, which provides the scientific, financial, and commercial framework to enable rapid translation of innovative science into clinical development.
ValiRx also successfully concluded the phase 1/2 clinical trial of its VAL201 drug candidate, demonstrating good safety and tolerability and early indications of efficacy.
The company also made significant progress in identifying new collaborative pipeline projects and is evaluating KTH222 from Kalos Therapeutics.
Investors cheered the news, as evidenced by today’s rally stoking hopes that the company’s shares shall keep rising going forward.
ValiRx share price.
ValiRx shares edge 8.78% higher to trade at 22.3p, having risen from Monday’s closing price of 20.5p.
Should you invest in ValiRx shares?
ValiRx shares are traded on the London stock exchange’s AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ValiRx shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies