Cancer drug developer ValiRx (LON:VAL) continues to make progress as it enters the second half of the year.
Its lead compound, VAL201, has passed safety controls and is showing early indications of efficacy even at low dosage.
It is now in a phase I/II clinical trial, which is approved to include patients with locally advanced or metastatic prostate cancer and other advanced solid tumours.
Oliver de Giorgio-Miller, chairman, said: “I am particularly pleased to see VAL201's development proceeding well and as planned in the clinical trial at UCLH.”
Meanwhile, its second drug, VAL401, is also on the trial pathway and a contract has been established with a UK-based clinical trial management organisation.
It will manage and execute the Phase 2b clinical trial in patients with non-small-cell lung adenocarcinoma.
Finally, the group added TRAC, a biomarker technology which is already starting to bring in revenues streams.
Giorgio-Miller said: “We have entered the second half of the year well placed to maintain our growth momentum and we look forward to reporting further advancements”.
Unsurprisingly, for a company growing rapidly pre-tax losses widened slightly to £1.5mln from £1.1mln in the first half of 2014.
The company raised £800,000 in March through a placing of shares and had £391,884 as of June.