It allows ValiRx to raise up to £3m of equity capital in drawdowns over a two-year period, issuing new shares at a discount of 10% to the market price.

ValiRx says the funding will allow it to pursue opportunities 'in a controlled and timely manner with the aim of increasing the company's IP and asset value'.

The company's ValiMedix division has started trading and producing revenues. After encouraging initial responses, it says it expects to enhance the product range to accelerate revenue growth.

ValiRx Finland recently agreed terms to receive grants amounting to ?76,000 to accelerate its personalised medicine diagnostic product development and launch.

Story provided by Business Financial Newswire