REG - ValiRx PLC - Half-year Report
29/09/2025 07:00
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RNS Number : 1025B ValiRx PLC 29 September 2025
VALIRX PLC
("ValiRx", "the Company" or "the Group")
HALF YEARLY REPORT FOR THE PERIOD ENDED 30 JUNE 2025
London, UK., 2025: ValiRx Plc (AIM: VAL), a life science company, which
focuses on clinical stage cancer therapeutic development, taking proprietary
and novel technology for precision medicines towards commercialisation and
partnering, today announces its unaudited Half Yearly Report for the period
ended 30 June 2025 and provides an update on significant post-period events.
HIGHLIGHTS
Operational Highlights
· Implementation of a full strategic and operational review
· New evaluation agreement for a delivery platform and CB2 agonist
signed
· Letter of Intent for Val201 terminated with TheoremRx
· License Agreement for Val 401 signed with Ambrose Healthcare
· Partnered with US based Omios Biologics to evaluate Cytolytix
peptide in viral delivery system
· Inaphaea Biobank Evaluation and Commercial use agreements signed
with ScreenIn3D, Cellomatics and Dominion Biotech
· Partnership signed with Dominion Biotech to develop Inaphaea
3k-screen drug repurposed assets
Financial Highlights
· Research and developments costs (excluding employee costs)
£105,489 (2024: £121,490)
· Administrative expenses £828,444 (2024: £947,565)
· Share-based payment charge £nil (2024: £18,994)
· Loss before income taxation of £931,135 (2024: £1,052,006)
· Total comprehensive loss for the period of £838,434 (2024:
£970,908)
· Loss per share from continuing operations of 0.22p (2024: Loss -
0.74p)
· Cash and cash equivalents at 30 June 2025 of £518,794 (2024:
£809,147)
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company
take responsibility for this announcement.
*** ENDS ***
For more information, please contact:
ValiRx plc Tel: +44 (0) 115 784 0026
www.valirx.com (http://www.valirx.com)
Dr Mark Eccleston, CEO info@valirx.com
V Formation (Public Relations) + 44 (0) 115 787 0206
www.vformation.biz (http://www.vformation.biz)
Lucy Wharton - Senior PR Executive lucy@vformation.biz (mailto:lucy@vformation.biz)
Sue Carr - Director sue@vinformation.biz (mailto:sue@vinformation.biz)
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0) 20 7213 0880
Liam Murray / Ludovico Lazzaretti / James Western
Shard Capital Partners LLP (Sole Broker) Tel: +44 (0) 20 7186 9000
Damon Heath
Notes for Editors
About ValiRx
ValiRx is a life science company focused on early-stage cancer therapeutics
and women's health, accelerating the translation of innovative science into
impactful medicines to improve patient lives.
ValiRx provides the scientific, financial, and commercial framework for
enabling rapid translation of innovative science into clinical development.
Using its extensive and proven experience in research and drug development,
the team at ValiRx selects and incubates promising novel drug candidates and
guides them through an optimised process of development, from pre-clinical
studies to clinic and investor-ready assets.
ValiRx connects diverse disciplines across scientific, technical, and
commercial domains, with the aim of achieving a more streamlined, less costly,
drug development process. The team works closely with carefully selected
collaborators and leverages the combined expertise required for science to
advance.
Lead candidates from ValiRx's portfolio are outlicensed or partnered with
investors through ValiRx subsidiary companies for further clinical development
and commercialisation.
ValiRx listed on the AIM Market of the London Stock Exchange in October 2006
and trades under the ticker symbol: VAL.
For further information, visit: www.valirx.com (http://www.valirx.com/)
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE HALF YEAR ENDED 30
JUNE 2025
The first half of 2025 has seen significant progress on the evolution of
ValiRx and its subsidiaries following the major strategic review, initiated in
Q4 2024, designed to improve operational efficiency and enable us to generate
near-term revenue, build long-term value, and ultimately improve patient
outcomes. A key pillar of this has been the expansion of Inaphaea's network of
capability partners. These partnerships deliver three fundamental benefits to
the Group:
i) access to a wider customer base through
referrals;
ii) access to advanced testing capabilities for
internal and client programs; and
iii) partnered development opportunities.
In addition, we are actively working to create value from Inaphaea's assets,
including its properitary data sets. Finally, we have refined our engagement
model for evaluation and development programs which incorporate pre-agreed,
financial upside on evaluation work where we can add significant value to an
asset, if that asset is not in-licensed by ValiRx but is ultimately licensed
externally.
There have been further changes to the board as Adrian de Courcey stepped down
as a Non-Executive Director and Cathy Tralau-Stewart transitioned to a
Non-Executive Director after our full time Director of Research was hired to
replace her as part time CSO. The streamlined board now comprises two
Executive directors, one Non-Executive Director and a Non-Executive Chairman.
As a result of the operational overhaul, completed at the end of Q1 2025,
three positions were made redundant - including the Head of Operations &
IT, the Preclinical Project manager and the Head of Strategic Commercial
development. The responsibilities of these roles have been distributed across
the remaining core team members and a new technician hired to support Inaphaea
after the loss of a Senior scientist at the end of 2024. These combined
changes represent a saving of around £200,000 in salaries going forward.
Further significant overhead reductions, as a result of board changes in the
second half of 2024, are reflected in the £120,000 reduction in
administrative costs for the period with most of the additional savings from
the operational review coming through post period, in the second half of 2025,
due to notice periods and statutory redundancy payments. The resulting lean
core team has significantly improved operational efficiency, working across
the Group to support technical and commercial activities supported by three
industry recognised advisors.
A key objective of the strategic review was our renewed commitment to the
development of therapeutic assets as well as realising the potential of the
assets within ValiRx's subsidiary, Inaphaea Biolabs Limited ("Inaphaea"). To
best achieve this commitment, we have applied a stringent set of commercial
and technical criteria to assessing both ongoing and new potential evaluation
agreements, as well as decisions on in-licensing and SPV/JV formation, to
maximise potential success and value through these early phases. Our Director
of Research, with her background in translational drug development at Cancer
Research Horizons, has been central to enabling this improved decision-making
process.
Trading conditions in 2025 remain challenging with significant uncertainty due
to the macro political environment. Commercial grant opportunities in the UK
and US are stagnant although there are indications this may improve in Q4
2025. Despite this, ValiRx and its group companies have been able to secure
(and continue to explore) multiple pump priming awards through its academic
partners, notably the Knowledge Voucher scheme through The Open University and
Queen Mary Impact Fund. Whilst no direct funding has passed to ValiRx, it is
important to recognise that this funding is progressing programs that would
otherwise require funding through ValiRx, thereby offsetting capital
requirements, as well as supporting further grant applications. In addition,
post period, R&D tax credits of £138,000 have been received.
The uncertainty around funding is impacting our potential customers resulting
in lower than anticipated uptake of Inaphaea's services. The Collaborative
Services model that Inaphaea is developing with partners continues to expand
with several requests for quotes received and although multiple quotes were
provided, no new projects were initiated during the period. The contract with
Amply, announced on 24 November 2024, is expected to complete post period with
a balancing payment of approximately £30,000.
The technical team at Inaphaea continue to develop the PDC biobank with the
establishment of a new quality control and characterisation protocol. This
value-add approach is being recognised by potential customers, particularly
licensees for the PDCs and, post period, Cellomatics Biosciences Ltd have a
set of 6 Colorectal cancer PDCs in house for evaluation ahead of potential
roll out to their customer base which would trigger a commercial use license.
Inaphaea is also working to enhance its internal and partnered capabilities
with a particular focus on New Approach Methodologies which are increasingly
supported by the regulatory agencies following the lead taken by the FDA as
they announced their intention to phase out animal testing with more
effective, human relevant methods. We are leveraging these capabilities for
our evaluation and development programs, particularly around the CytoLytix
where ScreenIn3D and, post period, VoxCell partnerships are being used to
evaluate CytoLytix formulations at no, or low, cost relative to outsourcing. A
new format, hybrid evaluation/development agreement will now be deployed which
retains upside on work performed by ValiRx (through Inaphaea or externally)
should an asset be returned and subsequently licensed. This model has been
well received and recognised as a value adding approach to early-stage
academic and commercial programmes.
In addition to product and service revenue, we continue to explore ways to
realise the untapped potential of additional assets within Inaphaea. In May
2025, we announced a deal with Dominion Biotech Ltd ("Dominion") to exploit a
data set from a proprietary screen of around 3,000 FDA approved, or late-stage
non-oncology clinical assets, in a selection of PDCs. Inaphaea's expanded
capabilities will be critical for the 3k-screening programmes, whilst
exemplifying capabilities to support external revenue generation discussions.
Post period, Inaphaea licensed its PredictRx™ personalised cancer therapy
selection approach to Dominion with initial revenues possible in Q4 2025.
Evaluation Projects:
Imperial College London
The Agreement, focused on investigating a lead series of dual-kinase inhibitor
candidates. Although showing initial promise, under the new evaluation
criteria the programme was deemed too early stage, and the Company decided to
return the project to the university researchers for further development, with
no further financial commitment from the Company. The parties agreed to
terminate the current collaboration agreement and revert responsibility for
maintaining the intellectual property to Imperial College London as announced
on 24 February 2025.
Dundee University
A key decision point for in-licensing the asset is determination of the
precise mechanism of action of the asset which requires access to techniques
and equipment that we do not currently possess. In January 2025, following
demonstration of activity in Inaphaea BioLabs facility, ValiRx agreed a
one-year extension with the University of Dundee until 9 February 2026 to
continue the mechanism of action studies for the prosenescence asset with the
research group of Professor Bishop (Professor of Senescence and Director of
the Queen Mary University London Phenotypic Screening Facility), supported by
a £50,000 grant from the Queen Mary University London Impact Fund and £9,000
from ValiRx.
One new evaluation agreement was initiated in the first half of 2025
Altus HealthCare
On 29 January 2025, the Company entered into a broad evaluation and option
agreement with Altus Healthcare, initially focussed on a formulation
technology and repositioning of an anti-inflammatory CB(2) agonist (TA-A001)
for use in cancer. The SmartCelle™ formulation platform is being evaluated
for its ability to enhance the solubility, potency and targeting of a series
of drug candidates including ValiRx's CLX001 cytolytic peptide. Experimental
design and planning have been completed, and evaluation will be performed on a
range of Patient Derived Cells (PDCs) by ValiRx's subsidiary Inaphaea BioLabs
in Q4, with lead candidates then being tested in vivo through collaborative
partners to assess safety, biodistribution and efficacy. ValiRx has an option
to license the technologies for the treatment of certain cancers.
Further Evaluation Projects
StingRay Bio
Post period, a new style of agreement has been established with StingRay Bio
("StingRay") following completion of the initial evaluation agreement at the
end of 2024. In-silico lead optimization of potency and target selectivity,
and in-vitro based experiments will be performed on lead StingRay drug
compounds, identified during the first agreement, over a period of up to 12
months. Results will be jointly owned by ValiRx and StingRay with an option to
license the technology, under pre-agreed terms, into a Special Purpose Vehicle
jointly owned with StingRay. On completion of IND enabling studies, ValiRx's
ownership will increase to 75%.
Whilst the cost of the work will be borne by ValiRx and rights will return to
StingRay if ValiRx does not proceed to license, under this new format
agreement if StingRay secures alternative investment within 12 months of the
evaluation's completion, ValiRx will be entitled to a cash payment of 1.5x its
total investment (estimated at £150,000, including outsourced work and
internal resources). Under this new approach, each partner retains the right
to seek additional funding for the asset which can lead to earlier partnering
opportunities in the SPV or transition from an evaluation to a revenue
generating service contract.
ValiRx is in active discussions for a further three evaluation programmes
under the new form of agreement.
Preclinical stage Assets:
A key focus for CLX001 was development and selection of a lead formulation.
Four formats are under evaluation; the original format developed by King's
College based on PEGylated-Polylactide-Glycolide Resomers™; an in-house
lipid-based formulation; the Altus Smartcelle™ formulation and a novel
virus-based format. Valirx is working directly with the suppliers of the key
Resomers to select the optimal version for efficacy and stability.
Development and evaluation of the second-generation, lipid delivery platform
has been completed and, post period, materials scheduled for evaluation in
Screenin3D's UpScale3D lab-on-a-chip platform including Inaphaea's Triple
Negative Breast Cancer Patient Derived Cell models provided under the
Evaluation and Commercial Use agreement announced on 3 February 2025. The
evaluation will include assessment of the potential to activate the host
immune system through immunogenic cell death.
Altus will complete Smartcelle formulation testing in Q4 2025. A first
partnering agreement for CLX001 was signed on 3 June focusing on incorporating
Cytolytix's Oncolytic Peptide technology into Omios Biologics next-generation
Oncolytic Virus platform and is expected to take up to 12 months and Omios has
an option to enter into an Oncolytic Peptide License Agreement to continue
using Cytolytix technology. This signifies an exciting new opportunity for
ValiRx and Cytolytix to further expand its portfolio and commercialise its
portfolio of innovative cancer therapeutics
Legacy stage assets:
VAL201 in prostate cancer
The letter of Intent with TheoremRx was terminated by ValiRx on 2 April 2025.
An extensive review of the VAL201 technical and market position highlighted
that the asset is still highly relevant across the treatment pathway for
prostate cancer and a critical path plan put in place to expedite validation
of improvements to VAL201 to create additional value, extend patent coverage
and position for partnering. Post period, with the support of Cancer Research
Horizons, the assets were placed in Blue Ribbon Bio, a new SPV established to
house the Group's current and future prostate cancer associated assets. Work
has begun on synthesis of VAL201 2.0 to be followed by a limited series of
preclinical testing to demonstrate improved preclinical performance and
position for licensing and support new IP filings to extend patent life.
Options to fund Blue Ribbon independently of ValiRx are being explored.
VAL401 in adenocarcinoma
Ambrose Healthcare Ltd ("Ambrose") exercised its option on VAL 401 which was
out licensed under pre-agreed terms. As part of the agreement, ValiRx received
576,000 ordinary shares in Ambrose, as announced on 19 June 2025, with
clinical and commercial milestone payments to be made to Valiseek totalling up
to £16 million plus royalties. In addition to supporting Ambrose to identify
funding partners, post period, a detailed proposal for preclinical validation
of VAL401 in pancreatic cancer has been submitted by Inaphaea Biolabs. The
fully costed proposal leverages Inaphaea's 19 pancreatic cancer Patient
derived cell models, 3D cell culture and digital Twin NAMS capabilities.
Clinical stage Assets:
3k Screen
Post period, a set of 250 leads from the 3k-screen of FDA approved or
non-oncology late-stage clinical assets has been identified by Inaphaea and
Dominion. These assets have been stratified based on activity, oral
availability and freedom to operate with respect to the current patent
position to give a "top 10" list of low hanging fruit assets where we can
achieve some quick wins from established drugs with validated human safety
profiles for inclusion in the next phase which included testing of full dose
response curves in selected Patient Derived Models at Inaphaea and Dominion.
The data generated will be processed in TwinEdge's digital twin AI platform to
support new patent filings and initial commercial discussions with potential
licensees for, what would be, phase 2 ready assets as well as application for
non-dilutive grant funding to support further development of these and other
assets from the 3K screen.
ValiRx Plc
Consolidated statement of comprehensive income
Six months ended Six months ended Year ended
Note 30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
Continuing operations
Revenue - - 49,775
Cost of sales - - -
Gross profit - - 49,775
Continuing operations
Research and development (105,489) (121,490) (245,163)
Administrative expenses (828,444) (947,565) (1,976,283)
Share-based payment charge - (18,994) -
Operating loss (933,933) (1,088,049) (2,171,671)
Other operating income - 30,000 30,000
Loss before interest (933,933) (1,058,049) (2,141,671)
Finance income 4,926 6,291 12,495
Finance costs (2,128) (248) (1,279)
Loss before income taxation (931,135) (1,052,006) (2,130,455)
Income tax credit 2 54,501 52,290 127,696
Loss on ordinary activities after taxation (876,634) (999,716) (2,002,759)
Non-controlling interests 38,200 28,808 87,066
Loss for the period and total comprehensive income attributable to owners of (838,434) (970,908) (1,915,693)
the parent
Loss per share - basic and diluted
From continuing operations 3 (0.22)p (0.74)p (1.45)p
ValiRx Plc
Consolidated statement of financial position
As at 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
ASSETS
NON-CURRENT ASSETS
Goodwill 1,602,522 1,602,522 1,602,522
Intangible assets 452,145 623,262 530,937
Property, plant and equipment 169,830 231,901 201,662
Investments 30,000 30,000 30,000
2,254,497 2,487,685 2,365,121
CURRENT ASSETS
Inventory 69,002 69,002 69,002
Trade and other receivables 64,879 99,190 134,592
Tax receivable 191,906 227,463 137,405
Cash and cash equivalents 518,794 809,147 1,555,986
844,581 1,204,802 1,896,985
TOTAL ASSETS 3,099,078 3,692,487 4,262,106
SHAREHOLDERS' EQUITY
Share capital 9,979,295 9,737,295 9,979,295
Share premium account 30,585,616 29,422,094 30,613,044
Merger reserve 637,500 637,500 637,500
Reverse acquisition reserve 602,413 602,413 602,413
Share-based payment reserve 958,232 1,101,157 976,920
Retained earnings (39,311,536) (37,652,248) (38,491,790)
3,451,520 3,848,211 4,317,382
Non-controlling interest (439,889) (343,431) (401,689)
TOTAL EQUITY 3,011,631 3,504,780 3,915,693
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings - 6,653 1,390
- 6,653 1,390
CURRENT LIABILITIES
Trade and other payables 80,786 170,712 334,551
Borrowings 6,661 10,342 10,472
87,447 181,054 345,023
TOTAL LIABILITIES 87,447 187,707 346,413
TOTAL EQUITY AND LIABILITIES 3,099,078 3,692,487 4,262,106
ValiRx Plc
Consolidated statement of changes in shareholders' equity
Share capital Share premium Retained earnings Merger reserve Share-based payment reserve Reverse acquisition reserve Non-controlling interest Total
£ £ £ £ £ £ £ £
Unaudited
Balance at 1 January 2025 9,979,295 30,613,044 (38,491,790) 637,500 976,920 602,413 (401,689) 3,915,693
Loss for the period - - (838,434) - - - (38,200) (876,634)
Costs of shares issued - (27,428) - - - - - (27,428)
Lapse of share warrants - - 18,688 - (18,688) - - -
Balance at 30 June 2025 9,979,295 30,585,616 (39,311,536) 637,500 958,232 602,413 (439,889) 3,011,631
Unaudited
Balance at 1 January 2024 9,707,266 27,870,548 (36,681,340) 637,500 1,082,163 602,413 (314,623) 2,903,927
Loss for the period - - (970,908) - - - (28,808) (999,716)
Issue of shares 30,029 1,771,715 - - - - - 1,801,744
Costs of shares issued - (220,169) - - - - - (220,169)
Share-based payment movement - - - - 18,994 - - 18,994
Balance at 30 June 2024 9,737,295 29,422,094 (37,652,248) 637,500 1,101,157 602,413 (343,431) 3,504,780
Audited
Balance at 1 January 2024 9,707,266 27,870,548 (36,681,340) 637,500 1,082,163 602,413 (314,623) 2,903,927
Loss for the year - - (1,915,693) - - - (87,066) (2,002,759)
Issue of shares 272,029 3,102,715 - - - - - 3,374,744
Costs of shares issued - (360,219) - - - - - (360,219)
Lapse of share options and warrants - - 105,243 - (105,243) - -
Balance at 31 December 2024 9,979,295 30,613,044 (38,491,790) 637,500 976,920 602,413 (401,689) 3,915,693
ValiRx Plc
Consolidated cash flow statement
Year ended
Six months ended 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
Cash flows from operating activities
Operating loss (933,933) (1,058,049) (2,141,671)
Depreciation of property plant and equipment 42,825 38,636 79,119
Amortisation and impairment of intangible assets 78,792 95,552 187,877
Decrease in receivables 69,713 48,428 13,026
(Decrease)/increase in payables within one year (253,765) (33,729) 130,110
Acquisition of investment for non-cash consideration - (30,000) (30,000)
Share-based payment charge - 18,994 -
Net cash outflows from operations (996,368) (920,168) (1,761,539)
Tax credit received - - 165,464
Interest received 4,926 6,291 12,495
Interest paid (2,128) (248) (1,279)
Net cash outflow from operating activities (993,570) (914,125) (1,584,859)
Cash flows from investing activities
Purchase of property plant and equipment (10,993) (27,912) (38,156)
Net cash outflow from investing activities (10,993) (27,912) (38,156)
Cash flows from financing activities
Share issue - 1,801,744 3,374,744
Costs of shares issued (27,428) (220,169) (360,219)
Bank loan (5,201) (5,075) (10,208)
Net cash (used in)/generated from financing activities (32,629) 1,576,500 3,004,317
Net (decrease)/increase in cash and cash equivalents (1,037,192) 634,463 1,381,302
Cash and cash equivalents at start of period 1,555,986 174,684 174,684
Cash and cash equivalents at end of period 518,794 809,147 1,555,986
ValiRx Plc
Notes to the interim financial statements
1 General information
Valirx Plc is a company incorporated in the United Kingdom, which is listed on
the Alternative Investment Market of the London Stock Exchange Plc. The
address of its registered office is Stonebridge House, Chelmsford Road,
Hatfield Heath, Essex CM22 7BD.
The principal activity of ValiRx Plc and its subsidiaries is the development
of oncology therapeutics and companion diagnostics.
Financial information
The interim financial information for the six months ended 30 June 2025 and
2024 have not been audited or reviewed and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
comparative financial information for the year ended 31 December 2024 has been
derived from the audited financial statements for that period. A copy of those
statutory financial statements for the year ended 31 December 2024 has been
delivered to the Registrar of Companies. The report of the independent
auditors on those financial statements was unqualified, drew attention to a
material uncertainty relating to going concern and did not contain a statement
under Sections 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as they apply to the financial statements of the Company
for the six months ended 30 June 2025 and as applied in accordance with the
provisions of the Companies Act 2006 and under the historical cost convention
or fair value where appropriate. They have also been prepared on a basis
consistent with the accounting policies expected to be applied for the year
ending 31 December 2025 and which are also consistent with those set out in
the statutory accounts of the Group for the year ended 31 December 2024.
The interim consolidated financial statements are presented in pounds sterling
which is the currency of the primary economic environment in which the Group
operates.
2 Taxation
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
United Kingdom corporation tax at effective rate of tax of 25% (2024: 23.5%)
Current period - R & D Tax credit (53,800) (62,000) (137,405)
Prior period - R & D Tax credits (701) 9,710 9,709
Income tax credit (54,501) (52,290) (127,696)
3 Loss per ordinary share
The loss and number of shares used in the calculation of loss per share are as
follows:
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Basic: £ £ £
Loss for the financial period (876,634) (999,716) (2,002,759)
Non-controlling interest 38,200 28,808 87,066
(838,434) (970,908) (1,915,693)
Weighted average number of shares 374,348,672 131,193,709 131,774,347
Loss per share (0.22)p (0.74)p (1.45)p
The loss and the weighted average number of shares used for calculating the
diluted loss per share are identical to those for the basic loss per share.
The exercise prices of the outstanding share options and share warrants are
above the average market price of the shares and would therefore not be
dilutive under IAS 33 'Earnings per Share.
4 Dividends
The Directors do not propose to declare a dividend in respect of the period.
5 Copies of interim results
Copies of the interim results can be obtained from the website www.valirx.com
(http://www.valirx.com) . From this site you may access our financial reports
and presentations, recent press releases and details about the Company and its
operations.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
and reading this announcement should not place undue reliance on
forward-looking statements. Unless otherwise required by applicable law,
regulation or accounting standard, the Company does not undertake to update or
revise any forward-looking statements, whether as a result of new information,
future developments or otherwise.
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