REG - ValiRx PLC - Posting of Circular, Notice of GM and Ops Review

ValiRxAnnouncement

15/12/2023 07:00

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RNS Number : 8978W  ValiRx PLC  15 December 2023

 

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

 

Posting of Circular and Notice of General Meeting and 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.

Posting of General Meeting Circular

Further to the announcement of 13 December 2023, the Company confirms that the
Circular together with a Notice of General Meeting to be held at the offices
of DAC Beachcroft LLP, 25 Walbrook, London EC4N 8AF at 11.00 a.m. (UK) on 4
January 2024, has been posted to Shareholders and is available to view on the
Company's website at https://www.valirx.com/aim-rule-26.

Unless otherwise defined, all capitalised terms used but not defined in this
announcement shall have the meaning given to them in the Circular.

                                                                                 2023

 Announcement of the Fundraising                                                 13 December

 Latest time and date for applications under the Retail Offer (if not closed     Midday on 19 December
 beforehand)

 Latest date of publication and posting of the Circular & the Form of Proxy      14 December

                                                                                 2024

 Latest time and date for receipt of proxy forms                                 11.00 a.m. on 2 January

 General Meeting                                                                 11.00 a.m. on 4 January

 Announcement of the results of the General Meeting                              4 January

 Admission and dealings in the New Ordinary Shares expected to commence on AIM   8.00 a.m. on or around 8 January

 Expected date for CREST accounts to be credited for New Ordinary Shares to be   8 January
 held in uncertificated form

 Despatch of definitive share certificates in respect of the New Ordinary        by 14 January
 Shares to be held in certificated form, if applicable

Notes:

 

1. Each of the times and dates above are indicative only and if any of the
details contained in the timetable above should change, the revised times and
dates will be notified to Shareholders by means of an announcement through a
Regulatory Information Service.

 

2. All of the above times refer to London time unless otherwise stated.

 

3. All events listed in the above timetable related to the Admission, the
Placing, the Retail Offer and the Subscription are conditional on the passing
at the General Meeting of the Fundraising Resolutions to provide the relevant
authorities.

 

Shareholder Webinar

Shareholder are invited to join members of the Valirx management team for a
short presentation and Q&A via webinar on the BRR media platform on Monday
18 December 2023 at 1pm (UK).  Details to register and join the webinar will
be made available on the company website at: https://www.valirx.com/contact
(https://www.valirx.com/contact) and the webinar will be made available
on-demand shortly after the event.

Inaphaea BioLabs ("Inaphaea")

Following successful completion of project work requested by the first service
customer of Inaphaea, we are pleased to confirm that Inaphaea has also
executed the first Material Transfer Agreement ("MTA") with a MedTech company
to enable supply of Patient Derived Cells (PDCs) for use in the development of
a research kit.  This MTA details the payments to be made to Inaphaea during
an evaluation phase, during which the MedTech company will assess the activity
of materials; and a commercial phase, wherein the MedTech company will
purchase a license to use the PDCs in a marketed kit.

This MTA and out-licensing of PDCs illustrates the breadth of opportunity for
Inaphaea's products and services with expansion into the MedTech sector, in
addition to the pipeline of companies focussed on therapeutic development.

Barcelona University Evaluation

The KRAS(2) project continues within the Inaphaea lab with the series of
molecules being tested against a range of cancer cells for activity.  Thus
far, the project has considered cancer cells collected from pancreatic and
ovarian cancer, and uterine sarcoma.

StingRay Bio Evaluation

The StingRay project was initiated in November, with in silico studies
commencing both in-house and at Ignota Labs.  On completion of the in silico
studies, selected molecules will be synthesised externally in order to be
studied at Inaphaea; with the most promising molecules scheduled for
additional activity and safety assessment prior to the conclusion of the
evaluation period.

Further Evaluation Projects

With an ambition to secure 3-4 new evaluation projects every year, ValiRx has
been devoting 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 conclude evaluation
agreements.

Clinical Stage Assets

VAL401 is subject to an exclusive 12-month Option Agreement with Ambrose
Healthcare LTD ("Ambrose"), announced on 5 December 2023.  This Option
Agreement provides terms under which VAL401 may be licensed from ValiSeek
Limited to Ambrose, should the option be exercised.  Under these terms,
Ambrose secures the rights to develop VAL401 through the remaining clinical
development, market authorisation and into commercialisation.

VAL201 remains subject to the Letter of Intent ("LoI") with TheoremRx Inc
("TheoremRx"), and we noted with interest the announcement by EUDA Health
Holdings Inc in relation to its proposed merger with TheoremRx.  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.

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 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 formulation development remains challenging, with further formulations
being proposed and undergoing testing during the quarter.

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.
The current project work is focussed on developing in vitro models to better
represent the condition of endometriosis.

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 Capital Markets Limited (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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