ValiRx PLC (LSE:VAL) shares climbed higher on Tuesday, after the micro-cap bioscience firm told investors it had established a new, Blue Ribbon Bio Limited, to advance its prostate cancer-related assets, including Val201.
It explained that new application-based patents for Val201 will be filed under the new structure.
A technical and market review concluded that Val201 retains strong potential in the prostate cancer treatment pathway, it added.
“We have an opportunity to build a broader prostate cancer focussed portfolio based on current and future pan cancer assets that can be applied in this indication,” chief executive Mark Eccleston said. He added that development will use preclinical data and new models from the company’s CRO partner Inaphaea Biolabs.
"Having worked on the original pre-clinical development of Val201, I am pleased that there is still a market opportunity for this asset, and we intend to rapidly complete the planned work required to get this back into the clinic in new and improved form," the ValiRx chief added.
In London, ValiRx shares were up 12.4% changing hands at 0.59p.