ValiRx Plc
("ValiRx" or the "Company")
VALIRX AND MYSTIC PHARMACEUTICALS SIGN LICENCE AGREEMENT
London, UK., 28 July 2017: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company, is pleased to announce that ValiRx has signed a licensing agreement with Mystic Pharmaceuticals Limited ("Mystic") of Dhaka, Bangladesh, under which Mystic has acquired a licence and access to certain patents and products owned by ValiRx.
Under the terms of the license, Mystic gains immediate access to ValiRx's patented technology for its further development by Mystic for the benefit of ValiRx, for a period of five years. This access is inclusive of the Company's pipeline of pre-clinical products for the development of various treatments in Bangladesh and certain other markets. This is the first of a number of such transaction under negotiation in various territories for various indications and applications, directed at supressing cancer progression, cancer reduction and preventative therapies.
Upon market authorisation, ValiRx will receive up to a 50 per cent. royalty from the sale of product.
In particular, ValiRx's GeneICE products could have a significant role to play - especially those GeneICE products against various cancers and metabolic conditions that may be of particular relevance and use in the relevant territories.
Dr Satu Vainikka, Chief Executive Officer of ValiRx, commented: "This is the first of what I hope will be a number of such licencing agreements for several of our products. We at ValiRx are delighted to be working with an impressive Mystic team and collaborating with them on projects to our mutual advantage and a 50/50 split on revenues if the collaboration makes money. We also benefit through the use of additional production facilities for newer products not yet in the clinical pipeline."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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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] |
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Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray/Jo Turner/Richard Nash |
Tel: +44 (0) 20 7213 0880 |
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Beaufort Securities Limited (Broker) Jon Belliss |
Tel: +44 (0) 207 382 8300 |
Notes for Editors
GeneICE Platform
GeneICE (Gene Inactivation by Chromatin Engineering) is a novel proprietary gene silencing platform for the efficient silencing of targeted genes. This technology is based on natural mechanisms and has the potential to halt and reverse tumour growth. ValiRx has attracted two Eurostars grants, a European grant scheme of EUR1.6m each, for further development of its GeneICE technology platform.
GeneICE mimicks a natural process in cells to silence genes. The technology acts upstream of the gene expression, potentially enabling a better inhibition compared to existing therapeutics acting at the protein or post-transcriptional levels.
About ValiRx
ValiRx is a biotechnology oncology focused 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 AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.
