Termination of Letter of Intent with TheoremRx
ValiRx terminates letter of intent with TheoremRx for VAL201 prostate cancer asset by mutual agreement.
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London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women's health announces that, further to the announcement on 31 December 2024 to grant a final extension of exclusivity to TheoremRx Inc ("TheoremRx") under the letter of intent ("LOI") until 31 May 2025, the Company has terminated the LOI with TheoremRx with immediate effect by mutual agreement.
The termination of the LOI follows notification by TheoremRx of a decision not to proceed with an amendment to the LOI to return the territory of Taiwan and maintain exclusivity in exchange for a non-refundable payment of $200,000 by 31 March 2025.
VAL201 will be moved to a prostate cancer focussed special purpose vehicle within ValiRx and plans to file IP to extend the patent life. The Company has recieved interest from a new consortium regarding the asset and is in early stage discussions with charities regarding possible support for clinical development.
Mark Eccleston, CEO of ValiRx commented "Whilst the decision to terminate the LOI is obviously disappointing, we have contingencies for this eventuality. Moving VAL201 into a prostate cancer focussed SPV will give us the opportunity to file and develop new, ValiRx owned, IP based on in house technical knowhow to reset the patent coverage back to 20 years with proof of concept data for Val201 2.0 and to seek new partnerships from a position of strength. We will apply the same level of technical and comercial assessment applied to all new evaluation programs."
| Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub | https://valirx.com/link/4PK9Je |
| ValiRx plc Dr Mark Eccleston, CEO | Tel: +44 115 784 0026 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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