TIDMVAL
RNS Number : 8978W
ValiRx PLC
15 December 2023
ValiRx PLC ("ValiRx" or the "Company")
Posting of Circular and Notice of General Meeting and
Operational Review
London, UK - ValiRx Plc (AIM: VAL), a life science company
focusing on early-stage cancer therapeutics and women's health,
provides the following review of quarterly activities across the
ValiRx Group.
Posting of General Meeting Circular
Further to the announcement of 13 December 2023, the Company
confirms that the Circular together with a Notice of General
Meeting to be held at the offices of DAC Beachcroft LLP, 25
Walbrook, London EC4N 8AF at 11.00 a.m. (UK) on 4 January 2024, has
been posted to Shareholders and is available to view on the
Company's website at https://www.valirx.com/aim-rule-26.
Unless otherwise defined, all capitalised terms used but not
defined in this announcement shall have the meaning given to them
in the Circular.
2023
Announcement of the Fundraising 13 December
Latest time and date for applications Midday on 19 December
under the Retail Offer (if not closed
beforehand)
Latest date of publication and posting 14 December
of the Circular & the Form of Proxy
2024
Latest time and date for receipt of 11.00 a.m. on 2 January
proxy forms
General Meeting 11.00 a.m. on 4 January
Announcement of the results of the 4 January
General Meeting
Admission and dealings in the New 8.00 a.m. on or around
Ordinary Shares expected to commence 8 January
on AIM
Expected date for CREST accounts to 8 January
be credited for New Ordinary Shares
to be held in uncertificated form
Despatch of definitive share certificates by 14 January
in respect of the New Ordinary Shares
to be held in certificated form, if
applicable
Notes:
1. Each of the times and dates above are indicative only and if
any of the details contained in the timetable above should change,
the revised times and dates will be notified to Shareholders by
means of an announcement through a Regulatory Information
Service.
2. All of the above times refer to London time unless otherwise
stated.
3. All events listed in the above timetable related to the
Admission, the Placing, the Retail Offer and the Subscription are
conditional on the passing at the General Meeting of the
Fundraising Resolutions to provide the relevant authorities.
Shareholder Webinar
Shareholder are invited to join members of the Valirx management
team for a short presentation and Q&A via webinar on the BRR
media platform on Monday 18 December 2023 at 1pm (UK). Details to
register and join the webinar will be made available on the company
website at: https://www.valirx.com/contact and the webinar will be
made available on-demand shortly after the event.
Inaphaea BioLabs ("Inaphaea")
Following successful completion of project work requested by the
first service customer of Inaphaea, we are pleased to confirm that
Inaphaea has also executed the first Material Transfer Agreement
("MTA") with a MedTech company to enable supply of Patient Derived
Cells (PDCs) for use in the development of a research kit. This MTA
details the payments to be made to Inaphaea during an evaluation
phase, during which the MedTech company will assess the activity of
materials; and a commercial phase, wherein the MedTech company will
purchase a license to use the PDCs in a marketed kit.
This MTA and out-licensing of PDCs illustrates the breadth of
opportunity for Inaphaea's products and services with expansion
into the MedTech sector, in addition to the pipeline of companies
focussed on therapeutic development.
Barcelona University Evaluation
The KRAS(2) project continues within the Inaphaea lab with the
series of molecules being tested against a range of cancer cells
for activity. Thus far, the project has considered cancer cells
collected from pancreatic and ovarian cancer, and uterine
sarcoma.
StingRay Bio Evaluation
The StingRay project was initiated in November, with in silico
studies commencing both in-house and at Ignota Labs. On completion
of the in silico studies, selected molecules will be synthesised
externally in order to be studied at Inaphaea; with the most
promising molecules scheduled for additional activity and safety
assessment prior to the conclusion of the evaluation period.
Further Evaluation Projects
With an ambition to secure 3-4 new evaluation projects every
year, ValiRx has been devoting substantial effort on identifying
and qualifying further assets that meet our criteria to build a
diversified preclinical project pipeline. Negotiations are ongoing
with a number of parties to conclude evaluation agreements.
Clinical Stage Assets
VAL401 is subject to an exclusive 12-month Option Agreement with
Ambrose Healthcare LTD ("Ambrose"), announced on 5 December 2023.
This Option Agreement provides terms under which VAL401 may be
licensed from ValiSeek Limited to Ambrose, should the option be
exercised. Under these terms, Ambrose secures the rights to develop
VAL401 through the remaining clinical development, market
authorisation and into commercialisation.
VAL201 remains subject to the Letter of Intent ("LoI") with
TheoremRx Inc ("TheoremRx"), and we noted with interest the
announcement by EUDA Health Holdings Inc in relation to its
proposed merger with TheoremRx. We maintain regular lines of
communications with the TheoremRx team to monitor progress on their
continuing efforts to secure financing, which will enable the
VAL201 sub-license to complete. The sub-license contains provisions
for upfront and early-stage milestone payment and will release the
immediate payment for work already conducted under the previously
announced service agreement as well as a commitment for future
service provision.
Preclinical Stage Assets
CLX001 was placed in the single asset subsidiary company,
Cytolytix Limited ("Cytolytix") in Q4 2022, and has undergone a
programme of formulation development during H1 2023. The peptide
active ingredient requires a nanoformulation to ensure that the
peptide stabilised within the therapeutic agent and is delivered to
cancer cells at appropriate levels.
The formulation development remains challenging, with further
formulations being proposed and undergoing testing during the
quarter.
A full programme of preclinical development including
manufacturing, toxicology, disease impact and regulatory activities
will then be pursued.
Opportunities for early partnering are being explored for
Cytolytix, with active commercial development to promote the
project to potential industry partners.
VAL301 in vitro preclinical optimisation is ongoing within the
Inaphaea facility, with variations of the molecule being studied
for impact on growth rates of estrogen dependent cells under a
variety of stimulatory conditions. The current project work is
focussed on developing in vitro models to better represent the
condition of endometriosis.
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.
***S ***
For more information, please contact:
ValiRx plc Tel: +44 (0) 2476 796496
www.valirx.com
Dr Suzanne Dilly, CEO Suzanne.Dilly@valirx.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/ Ludovico Lazzaretti
--------------------------
Cavendish Capital Markets Limited Tel: +44 (0) 20 7397
(Joint Broker) 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
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END
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