New Evaluation and Option Agreement
ValiRx enters evaluation and option agreement with Altus Formulation to assess drug delivery technology for cancer treatment.
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ValiRx plc (the "Company") (AIM: VAL), a life sciences company focusing on early-stage cancer therapeutics and women's health, and Altus Formulation Inc ("Altus") a Canada based drug development and delivery company, have entered into an evaluation and option agreement to determine the value of Altus' SmartCelle drug delivery technologies and novel anti-inflammatory compounds in the treatment of cancer (the "Agreement") for an initial twelve month period.
Under the Agreement, ValiRx will assess the SmartCelle platform's ability to enhance the solubility, potency and targeting of a series of drug candidates including ValiRx's CLX001 cytolytic peptide and Altus' novel CB2 agonist TA-A001. The evaluation will be performed on a range of Patient Derived Cells (PDCs) by ValiRx's subsidiary Inaphaea BioLabs, with lead candidates then being tested in vivo through collaborative partners to assess safety, biodistribution and efficacy. ValiRx has an option to license the technologies for the treatment of certain cancers.
The period during which the option must be exercised is three months after the date when a clinical development candidate is identified after which time no such option will exist unless mutually agreed. Any clinical development candidate would be subject to a separate license. The period for negotiation of the terms of the separate license is limited to a period of three months from the exercise of the option by ValiRx.
Mark Eccleston, CEO of ValiRx commented "In a first for ValiRx, we are signing an evaluation agreement with a proprietary formulation technology provider to develop novel drug/delivery combinations for both our own assets as well as accessing preformulated assets from Altus. This builds on my personal technical background in drug delivery and opens up a range of possibilities to accelerate our development and evaluation programs."
Damon Smith, CEO of Altus commented "ValiRx's track record of accelerated drug development makes them the ideal partner to validate SmartCelle and TA-A001 in the oncology space. We look forward to working with Mark and the team in this exciting new enterprise."
The Directors of the Company take responsibility for this announcement.
| Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub | https://valirx.com/link/NPwQwe |
| ValiRx plc Dr Mark Eccleston, CEO | Tel: +44 115 784 0025 www.valirx.com Mark.Eccleston@valirx.com |
| Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Ludovico Lazzaretti | Tel: +44 (0) 20 7213 0880 |
| Shard Capital Partners LLP (Sole Broker) Damon Heath | Tel: +44 (0) 20 7186 9000 |
| V Formation (Public Relations) Lucy Wharton - Senior PR Executive Sue Carr - Director | +44 (0) 115 787 0206 www.vformation.biz lucy@vformation.biz sue@vformation.biz |
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