Life sciences company ValiRx Plc (LON:VAL) is upbeat about reaching its goals as it continues to advance its lead cancer treatment candidates, it told investors.
The year to end December has been satisfactory, the company said in results, and teams working on its VAL201 drug for prostate cancer and VAL401 for lung cancer have started talking to parties for late stage clinical studies and for potential partnerships and to collaborate with pharma partners.
A highlight of the year gone was Phase l/ll clinical trial of VAL201, which confirmed the compound was well tolerated up to a putative therapeutic dose and shown a high degree of safety.
Earlier today, the biotech said manufacturing of VAL401 had begun ahead of a phase II clinical trial of the drug in patients with advanced lung cancer.
The firm will now look to receive data from this pivotal Phase IIb efficacy trial.
Meanwhile, the opportunity for developing and exploiting VAL201 for a further indication in the treatment of women's fertility condition endometriosis, via partnering and collaboration, is similarly fast approaching, said Oliver de Giorgio-Miller, the firm's non-exec chairman.
In keeping with a company at this stage, the firm posted a loss before tax of around £2.5mln compared to a loss of £3.2mln the year before. The operating loss is £3mln, down from £3.1mln in 2014.
The firm also noted it was looking to expand its Intellectual Property (IP) as its development programmes go forward and it added it remains open to technology acquisition opportunities.
Shares fell over 20% to stand at 10.625p.