Drug developer ValiRx (LON:VAL) said it was happy with its progress over the latest six months with its key drug now being reformulated for endometriosis as well as prostate cancer.
The company has two drugs in clinical trials, VAL 201 for prostate cancer, and VAL 401 for non-small cell lung cancer, but after the indications for endometriosis the group has also now developed VAL 301.
Due to the heavier expenditure on the 201 and 401 drugs, losses rose 55% to £2.4mln (£1.56mln) in teh six months to June.
Oliver de Giorgio-Miller, chairman, said: "Our review of the pre-clinical data obtained with VAL201 has also revealed a major gynaecological indication for the compound, namely endometriosis; this condition is not adequately served with current medications as they are frequently poorly tolerated and/or impair fertility during treatment.
“VAL301 should show that it is completely devoid of these complications and that it also shows signs of maintaining bone density while treating this chronic debilitating condition.
“I am also very pleased to see our subsidiary, ValiSeek, on the cusp of dosing patients and that we can expect to see results in its Phase IIb trial start arriving in the coming months".
In September, ValiRx raised £1.2mln in a placing and set up a £3.75mln convertible loan facility.