www.valirx.com
ValiRx Plc a biopharmaceutical company developing novel technologies with a focus on the epigenomic analysis and treatment of cancer, but the technologies can be applied to other conditions, such as neurology and inflammatory diseases. The ValiRx business model spreads the risks of life science technology developments by minimising financial exposure and running its project portfolio to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest. The flagship product lines Val101 and val201 are based on ValiRx’s patented GeneICE technology and technology licence from Cancer research UK.
ValiRx reports encouraging initial sales at ValiMedix, expects global agreements for diagnostics products
ValiRx (AIM: VAL) today announced encouraging initial sales at its newly established diagnostic kits business ValiMedix, while the development of the HPV infection test by its joint venture (JV) with bio.be ValiBio has been progressed to meet recent FDA (Food and Drug Administration) guidelines with a prototype test currently undergoing analytical validation.
Other developments at ValiBio included the development of a prototype nucleosome test with discussions to use some of the antibodies for the test currently ongoing. In addition, the company has taken over a clinically proven histone biomarker for lung cancer prognosis, enabling an immunohistochemical tissue biopsy test and a Nucleosomics blood test to enter development for lung cancer prognosis.
The first sales across the whole range in ValiMedix’ first six weeks of trading was a major step in its transition from a pre-revenue biotech company to a commercial life sciences business, ValiRx said in the statement. ValiMedix is in discussions to extend its brand portfolio and aims to roll out additional diagnostic kits in its markets, also expecting to add global agreements for its diagnostic products with key partners to its existing UK distribution contracts.
ValiRx is currently looking for ways to raise additional capital to develop its operations, being dependant on its ability to secure grants and raise funds through the issue of further equity. The company confirmed it was in discussions with Biofield Corp over the payment of €600,000 with additional compensation of €60,000 due to ValiRx after the disposal of 10% of its holdings in its subsidiary ValiBio S.A. The payment of the consideration has been extended to 31 December this year.
Shares in the company rallied 21% on the news.
