TIDMVAL
RNS Number : 6386V
ValiRx PLC
05 December 2023
ValiRx PLC
("ValiRx" or the "Company")
Agreement to License VAL401 to Ambrose Healthcare
London, UK - ValiRx Plc (AIM: VAL), a life science company
focusing on cancer therapeutics and women's health, announces that
ValiSeek Limited ("ValiSeek"), has entered into an exclusive Option
Agreement to license VAL401 with Ambrose Healthcare Limited
("Ambrose Healthcare"), a private UK specialist pharmaceutical
company.
Ambrose Healthcare is seeking to develop new treatments for rare
diseases and patients managed in hospitals and specialist care. The
company, incorporated in 2022, has an internationally experienced
leadership team with deep knowledge of the pharmaceutical
industry.
Under the Option Agreement, Ambrose Healthcare has a 12-month
period of exclusivity under which it may exercise the option to
execute a global, exclusive license of Valiseek's VAL401 asset
under pre-agreed terms.
ValiSeek has received an undisclosed, small fee, settled through
the issue of shares in Ambrose Healthcare. Subject to the exercise
of the Option by Ambrose Healthcare, the agreement details clinical
and commercial milestone payments to be made to ValiSeek totalling
a value of up to GBP16 million plus royalties.
Under the licensing terms, Ambrose Healthcare commits to
completing development and commercialisation of VAL401 at Ambrose's
cost.
Dr Suzy Dilly, CEO of ValiRx commented : "I'm delighted to have
agreed this path to development of VAL401 with Ambrose Healthcare.
I'm looking forward to seeing the project develop under Ambrose
Healthcare's experienced oversight, combining clinical development
and commercial experience."
Toby Wilson Waterworth, CEO of Ambrose Healthcare says , "We are
excited to build on ValiRx's initial clinical development to bring
a much-needed new treatment option to late-stage cancer patients.
VAL401 has a strong safety and clinical profile, and a novel
delivery formulation. It is a good fit for the rare disease product
portfolio that Ambrose is developing."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The Directors of the Company take responsibility
for this announcement.
For more information, please contact:
ValiRx plc and ValiSeek Limited Tel: +44 (0) 2476 796496
www.valirx.com
Dr Suzanne Dilly, CEO Suzanne.Dilly@valirx.com
Ambrose Healthcare Ltd Tel: +44 (0) 7775 881813
www.ambrosehc.com
Adam Michael, Director of Communications adam.michael@ambrosehc.com
----------------------------
V Formation (Public Relations) +44 (0) 115 787 0206
www.vformation.biz
Lucy Wharton - Senior PR Executive
Sue Carr - Director lucy@vformation.biz
sue@vformation.biz
----------------------------
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
Liam Murray/Jo Turner/Ludovico Lazzaretti
----------------------------
Cavendish Securities plc (Joint Broker) Tel: +44 (0) 20 7397
8900
Dale Bellis/Michael Johnson (Sales)
Callum Davidson/Giles Balleny (Corporate
Finance)
----------------------------
Turner Pope Investments (Joint Broker) Tel: +44 (0) 20 3657
James Pope / Andy Thacker 0050
----------------------------
Notes for Editors
About ValiRx
ValiRx is a life science company focused on early-stage cancer
therapeutics and women's health, accelerating the translation of
innovative science into impactful medicines to improve patient
lives.
ValiRx provides the scientific, financial, and commercial
framework for enabling rapid translation of innovative science into
clinical development.
Using its extensive and proven experience in research and drug
development, the team at ValiRx selects and incubates promising
novel drug candidates and guides them through an optimised process
of development, from pre-clinical studies to clinic and
investor-ready assets.
ValiRx connects diverse disciplines across scientific,
technical, and commercial domains, with the aim of achieving a more
streamlined, less costly, drug development process. The team works
closely with carefully selected collaborators and leverages the
combined expertise required for science to advance.
Lead candidates from ValiRx's portfolio are outlicensed or
partnered with investors through ValiRx subsidiary companies for
further clinical development and commercialisation.
ValiRx listed on the AIM Market of the London Stock Exchange in
October 2006 and trades under the ticker symbol: VAL.
For further information, visit: www.valirx.com
About Ambrose Healthcare Limited
Ambrose Healthcare is a specialist pharmaceutical company,
developing new treatments for rare diseases and patients managed in
hospitals and specialist care.
The company has an experienced leadership team with deep
knowledge of the pharmaceutical industry and a track record of
success, supported by an international network of rare disease
experts and organisations.
Ambrose Healthcare is focused on acquiring late stage drug
assets with a minimum of Phase 2 data and that have novel
applications in rare diseases.
Ambrose Healthcare is working towards becoming a centre of
excellence and a premier rare disease company. Read more on the
company's approach in its recently published white paper:
https://ambrosehc.com/wp-content/uploads/2023/11/Ambrose-HC-New-opportunities-in-rare-disease-drug-treatment_Nov-2023.pdf
For further information, visit: www.ambrosehc.com
About ValiSeek
ValiSeek Limited ("ValiSeek") is a joint venture company between
ValiRx Plc and Tangent Reprofiling Limited, part of the SEEK Group.
ValiSeek was formed to progress the drug VAL401 through its
remaining preclinical development and towards Phase II trials for
the treatment of lung cancer and other oncology indications.
ValiRx holds 55.5% of the issued share capital of ValiSeek,
Tangent holds 37.0% and Suzy Dilly, CEO and director of ValiRx
holds 7.5% of the issued share capital of ValiSeek. Suzy Dilly
holds approximately 5% of the issued share capital of Tangent.
About VAL401
VAL401 is the reformulation of the established anti-psychotic
drug risperidone. Formulated into a lipid-filled capsule for oral,
once daily administration, VAL401 enables an anti-cancer activity,
via cancer cell metabolism enzyme, Hydroxysteroid-dehydrogenase
type 10 (HSD10), not seen with conventional risperidone.
VAL401 has completed a pilot Phase 2 clinical trial, treating
patients with end-stage non-small cell lung cancer. These patients
demonstrated a statistically significant improvement in overall
survival from diagnosis over case-matched control patients in the
same clinics; and showed improvements in quality of life during
treatment.
Identifying quality of life improvement in nausea, pain and
appetite, has identified pancreatic adenocarcinoma to be a
preferred disease to assess in the next clinical trial of
VAL401.
The VAL401 asset consists of clinical data and intellectual
property, including the patent portfolio, technical specifications
and know-how.
Cautionary statement
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements. Persons receiving this announcement
should not place undue reliance on forward-looking statements.
Unless otherwise required by applicable law, regulation or
accounting standard, the Company does not undertake to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
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