TIDMVAL
RNS Number : 9878Q
ValiRx PLC
02 November 2021
2 November 2021
ValiRx PLC ("ValiRx" or the "Company")
Signs Letter of Intent to Sub-License VAL201
London, UK - ValiRx Plc (AIM: VAL), a life science company
focusing on early-stage cancer therapeutics and women's health,
announces today it has entered into a non-binding letter of intent
("LOI") with TheoremRx Inc. ("TheoremRx"), a recently incorporated
company, a next generation drug development Company, to enter into
a licence agreement on pre-agreed terms to sub-license ValiRx's
legacy asset VAL201 for development in the treatment of cancer (the
"Licence Agreement"). Completion of the Licence Agreement is
subject to, inter alia, the successful fundraise by TheoremRx.
TheoremRx is private US-based oncology company focused on the
discovery and development of new treatments that will benefit
patients suffering from cancer. TheoremRx has established a highly
integrated approach for the discovery, development and manufacture
of peptide and small molecule drugs that modulate targets of
clinical interest.
Under this proposed Licence Agreement, TheoremRx will obtain a
worldwide licence to ValiRx's VAL201 intellectual property for a
novel peptide targeting SRC kinase targeting oncology indications.
ValiRx will retain the rights to develop the VAL201 peptide for
non-oncology indications, including VAL301 for endometriosis.
Subject to successful market authorisation, the potential value of
the deal would be in excess of US$61M plus royalties for the first
cancer indication alone. Each oncology indication successfully
developed to by TheoremRx will generate up to $37.5M of additional
value to ValiRx. The proposed deal structure comprises payments on
signature of the Licence Agreement plus fees and near-term
milestones totalling US$2.2M before the end of 2023, milestones on
further clinical and commercial development events, and royalties.
The first payments are expected by the end of 2021.
As part of the deal, TheoremRx will enter into a service
contract with ValiRx to provide consulting services to TheoremRx to
aid technology transfer, formulation for patent extension and
continued clinical development of VAL201.
The LOI details a period of exclusivity during which TheoremRx
will complete its due diligence on the scientific and commercial
attributes of VAL201, during which ValiRx is restricted from
continuing to market the programme to other parties. Completion of
the Licence Agreement is also subject to terms and conditions at
closing.
The LOI and proposed Licence Agreement therefore remain
non-binding and there is no guarantee that this Licence Agreement
will be executed or that it will generate material revenues within
the expected timeframe or at all.
Dr Suzy Dilly, CEO of ValiRx commented: "Selecting a commercial
partner for VAL201 with the right skills, experience and commitment
has been a high priority for ValiRx. I am delighted that the team
at TheoremRx has really taken the time to understand the science,
the additional development needs and the commercial opportunity for
VAL201 in oncology. I am looking forward to seeing the programme
progress efficiently through the clinical development plan in their
hands."
Dr Ken Sorensen, Chairman of TheoremRx stated: "We are very
excited to be pursuing an agreement with ValiRx, a company with
extensive and proven experience in research and drug development.
We look forward to working towards a final agreement and seeing
this technology occupy a preeminent position in the market for
treating different cancers."
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.
*** ENDS ***
For more information, please contact:
ValiRx plc Tel: +44 (0) 2476
Dr Suzanne Dilly, CEO 796496
www.valirx.com
Suzanne.Dilly@valirx.com
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 088
Liam Murray/Jo Turner/Ludovico Lazzaretti
--------------------------
Cenkos Securities Limited (Broker) Tel: +44 (0) 20 7397
Russell Kerr/Michael Johnson (Sales) 8900
Callum Davidson/Giles Balleny (Corporate
Finance)
--------------------------
Notes for Editors
About ValiRx
ValiRx accelerates the development of treatments in oncology and
women's health to improve patient lives. We provide the scientific,
financial and commercial framework towards enabling rapid
translation of innovative science into clinical development.
With our extensive and proven experience in research and drug
development, we select and incubate promising novel drug candidates
and guide them through an optimised process of development, from
pre-clinical studies to clinic and investor-ready assets.
Integrating science and business
We connect diverse disciplines across scientific, technical and
commercial domains, with the aim of achieving a more streamlined,
less costly, drug development process. We work closely with our
selected collaborators and leverage the combined expertise required
for science to advance.
Lead candidates from our portfolio are out-licensed or partnered
with investors through ValiRx subsidiary
companies for further clinical development and commercialisation. https://www.valirx.com/
The Company listed on the AIM Market of the London Stock
Exchange in October 2006 and trades under the ticker symbol:
VAL.
About TheoremRx Inc.
TheoremRx Inc. is an oncology company focused on the discovery
and development of new treatments that will benefit patients
suffering from cancer. TheoremRx has established a highly
integrated approach for the discovery, development and manufacture
of peptide and small molecule drugs that modulate targets of
clinical interest. TheoremRx has built a broad portfolio of novel
drugs targeting unmet medical needs in large market indications
where it will advance each asset to partnering and licensing to
global pharmaceutical companies. The US based company operates out
of New York, NY and Montreal, Quebec.
About VAL201
VAL201 is a short peptide being studied as a potential treatment
for prostate cancer. The peptide structure is inspired by the
naturally occurring androgen receptor and is designed to intercept
and prevent the binding of the androgen receptor to SRC kinase - an
enzyme implicated in cancerous cell growth pathways. By preventing
the androgen-mediated activation of SRC kinase, VAL201 can
potentially prevent cancerous cell proliferation (or growth)
without interfering with other functions of either the androgen
receptor or SRC kinase. This precision method, mimicking a natural
process, proposes a high specificity of cancer treatment with a
lower side effect profile. VAL201 was licensed from CRT (part of
CRUK) in 2010 and developed through preclinical development into
this clinical trial in patients with advanced prostate cancer. The
study was held at University College Hospital (UCLH), London.
About Prostate Cancer
Around 48,500 men are diagnosed with prostate cancer in the UK
each year [1] . In men, it is the most common cancer in the UK.
Prostate cancer is most common in older men. On average each year
35 out of 100 (35%) of new cases are in men aged 75 and over.
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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