REG - ValiRx PLC - Operational Review

ValiRxAnnouncement

28/09/2023 07:00

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RNS Number : 9093N  ValiRx PLC  28 September 2023

28 September 2023

 

ValiRx PLC ("ValiRx" or the "Company")

 

Operational Review

 

London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on
early-stage cancer therapeutics and women's health, provides the following
review of quarterly activities across the ValiRx Group.

Inaphaea BioLabs ("Inaphaea")

Inaphaea announced the first revenue generating service contract this Q3, with
the contracted work proceeding as scheduled and the first stage completed
successfully. The programme of work involved a phenotypic screen for
anti-cancer activity of a library of test molecules against a patient derived
cell line (PDC) from a glioblastoma patient.  This PDC was selected from the
extensive biobank acquired from Imagen Therapeutics in June 2023.

The team at Inaphaea BioLabs have also made good progress with the commercial
development plan, raising brand awareness and developing collaborations with
complementary service providers to broaden the tCRO® concept. We believe this
will help accelerate the identification of revenue generating opportunities as
well as introducing the Inaphaea offering to a broader range of clients.

The PDC biobank now provides Inaphaea with the opportunity to generate
additional income streams, a combination of services and products, with the
sale of PDCs under license to a wide range of customers, such as larger
pharmaceutical companies, companies developing medical devices and companies
offering other non-competing preclinical services.

The laboratory-based team at Inaphaea is making good progress in commissioning
and validating the Imagen Therapeutics equipment and biobank and building the
range of capabilities on offer to customers.

Inaphaea hosted a well-attended launch event on 26 September 2023 to help
build brand awareness and position the company and collaborators as leading
proponents of translational drug development.

Barcelona University Evaluation

The KRAS(2) project continues within the Inaphaea lab.  In silico analysis of
the series of molecules has been completed in-house. A selection of
interesting candidates have been synthesised by an external chemistry
sub-contractor and are now being tested for anti-cancer activity in the
Inaphaea facility.

Further Evaluation Projects

With an ambition to secure 3-4 new evaluation projects every year, we have
been focussing substantial effort on identifying and qualifying further assets
that meet our criteria to build a diversified preclinical project pipeline.
Negotiations are ongoing with a number of parties to initiate evaluation
agreements.

Clinical Stage Assets

VAL201 remains subject to the Letter of Intent ("LoI") with TheoremRx Inc, and
we maintain regular lines of communications with the TheoremRx team to monitor
progress on their continuing efforts to secure financing,  which will enable
the VAL201 sub-license to complete.  The sub-license contains provisions for
upfront and early-stage milestone payment and will release the immediate
payment for work already conducted under the previously announced service
agreement as well as a commitment for future service provision.

In June 2023, ValiRx announced the carve-out of the Greater China region from
the exclusivity clause in the TheoremRx letter of intent.  This enables the
Company to re-commence active marketing of the project in this region in order
to explore additional sources of revenue.

VAL401 is subject to an ongoing business development programme with an
external provider of partnering services who are exploring opportunities
focussed on oncology and supportive care.

Preclinical Stage Assets

CLX001 was placed in the single asset subsidiary company, Cytolytix Limited
("Cytolytix") in Q4 2022,and has undergone a programme of formulation
development during the H1 2023.  The peptide active ingredient requires a
nanoformulation to ensure that the peptide stabilised within the therapeutic
agent and is delivered to cancer cells at appropriate levels.

The lead formulation has been proposed and is now being tested at Inaphaea to
ensure biological activity remains as expected.  A full programme of
preclinical development including manufacturing, toxicology, disease impact
and regulatory activities will then be pursued.

Opportunities for early partnering are being explored for Cytolytix, with
active commercial development to promote the project to potential industry
partners.

VAL301 in vitro preclinical optimisation is ongoing within the Inaphaea
facility, with variations of the molecule being studied for impact on growth
rates of estrogen dependent cells under a variety of stimulatory conditions.
These assays will determine whether an alternative molecular structure can
improve the potential for disease modifying impact for endometriosis, as well
as offering the potential for new patent filings to refresh the intellectual
property portfolio surrounding the project.

BC201 remains in assessment in the collaboration between Black Cat Bio Limited
and Oncolytika, with preclinical assessments considering the impact of the
active ingredient against viral infections and immune responses.

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) 2476 796496

                                                     www.valirx.com (http://www.valirx.com)

 Dr Suzanne Dilly, CEO                               Suzanne.Dilly@valirx.com (mailto:Suzanne.Dilly@valirx.com)

 V Formation (Public Relations)                      +44 (0) 115 787 0206

                                                     www.vformation.biz (http://www.vformation.biz)

 Lucy Wharton - Senior PR Executive

 Sue Carr - Director                                 lucy@vformation.biz

                                                     sue@vformation.biz
 Cairn Financial Advisers LLP (Nominated Adviser)    Tel: +44 (0) 20 7213 0880

 Liam Murray/ Ludovico Lazzaretti

 Cavendish Securities plc (Joint Broker)             Tel: +44 (0) 20 7397 8900

 Dale Bellis/Michael Johnson (Sales)

 Callum Davidson/Giles Balleny (Corporate Finance)
 Turner Pope Investments (Joint Broker)              Tel: +44 (0) 20 3657 0050

 James Pope / Andy Thacker

 

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)

 

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