Life sciences firm ValiRx Plc (LON:VAL) says it has streamlined operations by selling its Finnish subsidiary ValiFinn to Sovicell Science for Life GmbH for €800,000 in cash.
It will however retain the licence to use TRAC technology (transcript analysis with the aid of affinity capture) in its development of therapeutic candidates.
The TRAC technology is powerful tool in the diagnosis of different cancers and could support development of ValiRx's personalised medicine targets, it said.
In early 2015, ValiRx acquired TRAC for a consideration of €75,000.
ValiRx chief executive Dr Satu Vainikka said: "This transaction represents an exciting commercialisation of a part of our portfolio and this deal will free up resource and management time.
"I am delighted by TRAC's sale and our ability to grow and deliver substantial value, particularly in such a short timeframe.
"We are keeping those rights to the assets of the technology that we had originally always wanted, while outsourcing development to our ally and commercial partner."
ValiRx is currently running its lead candidate VAL201 through the clinical trial process to treat prostate cancer, where results so far have been highly encouraging.
The drug has also been shown to have a potential use to treat womens' infertility condition endometriosis.