REG - ValiRx PLC - Update on VAL201 sub-license agreement

ValiRxAnnouncement

17/06/2022 10:15

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RNS Number : 2794P  ValiRx PLC  17 June 2022

17 June 2022

 

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

 

Update on VAL201 sub-license agreement

 

London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on
early-stage cancer therapeutics and women's health, is today providing an
update on its proposed sub-license agreement with TheoremRx Inc. ("TheoremRx")
for VAL201.

An exclusivity period was granted to 30 June 2022 to enable TheoremRx to
progress their financing round, on which the signature of the sub-license of
VAL201 depends.  While recent discussions with TheoremRx on its progress to
financing remain positive, ValiRx anticipates that an extension to the
exclusivity period will be requested. The Company intends to seek more formal
confirmation of this progress and will formalise its proposed extension
following this.

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: "It is important to us at ValiRx to
ensure that TheoremRx have sufficient funds to fully progress VAL201 prior to
completing the sub-license and committing the project to their care.  As
such, we have been taking great interest in their progress towards
financing.  Although the deadline does not expire until 30 June 2022, we are
preparing to negotiate to extend this in order to ensure their financing
proceeds as expected.  Despite a challenging market, the progress we have
seen to date is promising and we remain confident that they are the right team
for the project."

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 1 
(#_ftn1) . 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.

 

 

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