ValiRx Plc
("ValiRx" or "the Company" or "the Group")
"Sale of use of rights for TRAC Technology for €0.8 million"
"ValiRx to retain royalty-free rights to the technologies for the company's therapeutic developments"
London, UK, 7 July 2016: ValiRx Plc (AIM: VAL), a life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering, announces the sale of use of rights for its Finnish-based TRAC Technology for €800,000.
ValiRx has sold its subsidiary, ValiRx (Finland) Oy ("ValiFinn"), the company holding the TRAC technology, to Sovicell Science for Life GmbH, for a cash consideration of €800,000 ("the Consideration"), according to a payment schedule, whilst retaining a license to use TRAC Technology in its therapeutic development.
In February 2015, ValiRx announced that it had acquired TRAC ("Transcript Analysis with the Aid of Affinity Capture") for a consideration of €75,000. ValiRx saw TRAC Technology as both a potentially powerful tool in the diagnosis of different cancers and as a technology that could support development of ValiRx's personalised medicine targets. VTT (the Finnish State Research Centre) developed TRAC's method before its completion and launch by VTT in 2011.
ValiRx will continue to have Finnish representation via its other Finnish subsidiary, ValiRx Oy.
Dr Satu Vainikka, CEO of ValiRx Plc, commented: "This transaction represents an exciting commercialisation of a part of our portfolio and this deal will free up resource and management time.
"I am delighted by TRAC's sale and our ability to grow and deliver substantial value, particularly in such a short timeframe. We are keeping those rights to the assets of the technology that we had originally always wanted, while outsourcing development to our ally and commercial partner".
*** ENDS ***
For more information, please contact:
ValiRx plc |
Tel: +44 (0) 20 3008 4416 www.valirx.com |
Dr Satu Vainikka, Chief Executive |
Tel: +44 (0) 20 3008 4416 |
Tarquin Edwards, Head of Communications. |
Tel: +44 (0) 7879 458 364 [email protected] |
Mark Treharne, Corporate Development Manager |
Tel: +44 (0) 7736 564 686 [email protected] |
|
|
Cairn Financial Advisers LLP (Nominated Adviser) |
Tel: +44 (0) 20 7148 7900 |
Liam Murray / Jo Turner |
|
|
|
Northland Capital Partners Limited (Joint Broker) |
Tel: +44 (0) 203 861 6625 |
Patrick Claridge / David Hignell (Corporate Finance) John Howes / Abigail Wayne (Broking) |
|
|
|
Beaufort Securities Limited (Joint Broker) |
Tel: +44 (0) 207 382 8300 |
Jon Belliss |
|
Notes for Editors
ValiRx Plc
ValiRx is a biotechnology oncology focussed company specialising in developing novel treatments for cancer and associated biomarkers. It aims to make a significant contribution in "precision" medicine and science, namely to engineer a breakthrough into human health and well-being, through the early detection of cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing therapeutic candidates early in the development process. By aiming for early-stage value creation, the company reduces risk considerably while increasing the potential for realising value. The group is already in licensing discussions with major players in the oncology field.
ValiRx's two classes of drugs in development, which each have the potential for meeting hitherto unmet medical needs by existing methods, have worldwide patent filings and agreed commercial rights. They originate or derive from Word class institutions, such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents, such as chemotherapy. With the development of target-based agents, primed to attack cancer cells only, less toxic and more effective treatments are now possible. New drugs in this group-such as those in ValiRx's pipeline-promise to greatly improve outcomes for cancer patients.
The Company listed on the Alternative Investment Market ("AIM") of the London Stock Exchange in October 2006and trades under the ticker symbol: VAL.
