REG - ValiRx PLC - Signs Service Agreement with TheoremRx

ValiRxAnnouncement

05/01/2022 07:20

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220105:nRSE4348Xa&default-theme=true

RNS Number : 4348X  ValiRx PLC  05 January 2022

5 January 2022

 

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

 

Signs Service Agreement with TheoremRx

 

London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on
early-stage cancer therapeutics and women's health, announces today it has
entered into a Service Agreement with TheoremRx Inc. ("TheoremRx"), a recently
incorporated company, to enable ValiRx to work with TheoremRx to engage with
Clinical Research Organisations (CROs) and supporting vendors for the next
clinical trial of VAL201.

This Service Agreement was contemplated by the Letter of Intent announced by
the Company on 2 November 2021, which outlined the intention of ValiRx and
TheoremRx to enter into a sub-license to enable TheoremRx to develop VAL201 in
the field of oncology. Completion of the sub-license is subject to the
successful fundraise by TheoremRx.

TheoremRx is a private US-based oncology company focused on the discovery and
development of new treatments that will benefit patients suffering from
cancer.  TheoremRx has established a highly integrated approach for the
discovery, development and manufacture of peptide and small molecule drugs
that modulate targets of clinical interest.

This Service Agreement enables ValiRx to work as a consultant to TheoremRx and
will receive market rate, fair value consultancy fee, invoiced each calendar
month until the termination of the Service Agreement, for the provision of
consultancy services.  The consultancy work contemplated by the Service
Agreement includes introductions to CROs, requesting proposals, reviewing and
advising on proposals and co-ordinating the scientific efforts to commence the
next clinical trial of VAL201; enabling trial set up procedures to be executed
in parallel to the fund-raising period.  This signature confirms the
commencement date of the Service Agreement to be 1 November 2021.

Further to the Company's announcement on 20 December 2021, the Company
outlines the following steps of the documentation completed to-date towards
the full execution of the sub-license of VAL201 for oncology to TheoremRx:

-      Letter of Intent, announced on 2 November 2021, detailing the
terms under which the sub-license will be signed;

-      the amendment of the license between ValiRx and CRT, announced on
20 December 2021;

-      the approval of the sub-license with TheoremRx by CRT, also
announced on 20 December 2021; and

-      the Service Agreement as detailed in this announcement.

The sub-license completion is subject to a successful fund-raise, with
completion anticipated by end-Q1 2022.

The Letter of Intent and proposed sub-license therefore remain non-binding and
there is no guarantee that this sub-license will be executed or that it will
generate material revenues within the expected timeframe or at all.

Dr Suzy Dilly, CEO of ValiRx commented: "The work we have done with TheoremRx
since signing the Letter of Intent in November 2021 has involved both the
negotiation and finalisation of documents between TheoremRx, ValiRx and CRT,
but has also started the process of vendor selection for the next VAL201
clinical trial.  This next trial will be sponsored and financed by TheoremRx,
but ValiRx will continue to play a supporting role, providing project
management and scientific expertise to ensure the trial runs smoothly in
exchange for regular payments from TheoremRx.  The work to date has set a
foundation on which we intend to build the next clinical trial and has enabled
the team at ValiRx to build a good working relationship with the scientific
team at TheoremRx.  The signature of this agreement formalises the work that
we have been doing and demonstrates the confidence that we have in the
sub-license being fully executed in due course."

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

 Cairn Financial Advisers LLP (Nominated Adviser)    Tel: +44 (0) 20 7213 088

 Liam Murray/Jo Turner/Ludovico Lazzaretti

 Cenkos Securities Limited (Broker)                  Tel: +44 (0) 20 7397 8900

 Russell Kerr/Michael Johnson (Sales)

 Callum Davidson/Giles Balleny (Corporate Finance)

 

Notes for Editors

About ValiRx

ValiRx accelerates the development of treatments in oncology and women's
health to improve patient lives. We provide the scientific, financial and
commercial framework towards enabling rapid translation of innovative science
into clinical development.

With our extensive and proven experience in research and drug development, we
select and incubate promising novel drug candidates and guide them through an
optimised process of development, from pre-clinical studies to clinic and
investor-ready assets.

Integrating science and business

We connect diverse disciplines across scientific, technical and commercial
domains, with the aim of achieving a more streamlined, less costly, drug
development process.  We work closely with our selected collaborators and
leverage the combined expertise required for science to advance.

Lead candidates from our portfolio are out-licensed or partnered with
investors through ValiRx subsidiary companies for further clinical development
and commercialisation. https://www.valirx.com/ (https://www.valirx.com/)

The Company listed on the AIM Market of the London Stock Exchange in October
2006 and trades under the ticker symbol: VAL.

 About TheoremRx Inc.

TheoremRx Inc. is an oncology company focused on the discovery and development
of new treatments that will benefit patients suffering from cancer.
TheoremRx has established a highly integrated approach for the discovery,
development and manufacture of peptide and small molecule drugs that modulate
targets of clinical interest.  TheoremRx has built a broad portfolio of novel
drugs targeting unmet medical needs in large market indications where it will
advance each asset to partnering and licensing to global pharmaceutical
companies.  The US based company operates out of New York, NY and Montreal,
Quebec.

About VAL201

VAL201 is a short peptide being studied as a potential treatment for prostate
cancer. The peptide structure is inspired by the naturally occurring androgen
receptor and is designed to intercept and prevent the binding of the androgen
receptor to SRC kinase - an enzyme implicated in cancerous cell growth
pathways. By preventing the androgen-mediated activation of SRC kinase, VAL201
can potentially prevent cancerous cell proliferation (or growth) without
interfering with other functions of either the androgen receptor or SRC
kinase. This precision method, mimicking a natural process, proposes a high
specificity of cancer treatment with a lower side effect profile. VAL201 was
licensed from CRT (part of CRUK) in 2010 and developed through preclinical
development into this clinical trial in patients with advanced prostate
cancer. The study was held at University College Hospital (UCLH), London.

 

About Prostate Cancer

Around 48,500 men are diagnosed with prostate cancer in the UK each year. In
men, it is the most common cancer in the UK.  Prostate cancer is most common
in older men. On average each year 35 out of 100 (35%) of new cases are in men
aged 75 and over.

 

Cautionary statement

Certain statements made in this announcement are forward-looking statements.
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
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.

 

 

 
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGREAAFLEDXAEAA