Inaphaea Evaluation and Commercial Use Agreement

Inaphaea is pleased to confirm the execution of an Evaluation and Commercial Use Agreement (the "Agreement") with Spanish contract research organisation Xenopat S.L. ("Xenopat") to provide Inaphaea's Patient Derived Cells ("PDC") for evaluation and commercial use in Xenopat's in-vivo Xenograft platform. The contract provides access Inaphaea's 470+ PDCs which can be added at any time.

Inaphaea will be entitled to an upfront fee and a percentage of service royalties on commercialisation of the models. Both companies have also agreed to co-market their respective services and target non-dilutive funding to expand the development through European grant schemes. The Agreement is for an initial period of 12 months and may be extended in writing by mutual agreement.

Andrew Carnegie, Head of Strategic Commercial Development at Inaphaea, commented "We continue to expand our market reach and capabilities through great partnerships. This win-win approach should accelerate commercialisation of our biobank assets and expand our in-vitro service to Xenopat's clients."

Mark Eccleston, CEO of ValiRx commented "This deal marks another milestone in the commercialisation of Inaphaea's PDC bank expanding the range of in-vivo models available for commercial use. Xenopat's expertise in Xeonograft models makes them an ideal partner to further deploy our biobank of over 470 PDCs to their clients whilst broadening our commercial reach for in-vitro service contracts."

Anna Portela, CEO of Xenopat, commented "Our new partnership with Inaphaea is an important step forward for the growth of both companies. We look forward to developing new Xenograft models for our clients using the Inaphaea PDCs whilst offering our client base earlier stage, high throughput in-vitro capabilities through Inaphaea translational Research capabilities."