ValiRx PLC Update - ValiSeek (6690Z)
14 Enero 2020 - 1:00AM
UK Regulatory
TIDMVAL
RNS Number : 6690Z
ValiRx PLC
14 January 2020
VALIRX PLC
("ValiRx", the "Company" or the "Group")
UPDATE - VALISEEK
London, UK., 14 January 2020: ValiRx Plc (AIM: VAL), the
clinical stage biotechnology company, provides the following update
on its subsidiary joint venture, ValiSeek, and its cancer
therapeutic, VAL401.
ValiSeek and ValiRx's joint venture partner Tangent Reprofiling
Limited (a member of the SEEK group) ("Tangent") have entered into
a letter of intent (the "LOI") with Black Cat Bio Limited ("Black
Cat"), a newly incorporated special purpose vehicle to raise up to
GBP5 million towards commercialising VAL 401 in order to progress
VAL401 through the next clinical trial. Black Cat has entered into,
and will fund, a service agreement with Zenith Partners, a private
investment, corporate advisory and business transformation
enterprise, to source the funding.
ValiSeek currently has a worldwide exclusive licence granted
from Tangent to progress VAL401 to commercialisation.
ValiSeek is a 55.5% subsidiary joint venture of ValiRx with the
objective to develop VAL401 in the treatment of late-stage
non-small cell lung cancer and potentially other indications.
Further information on VAL401 is set out below.
The LOI provides that, subject to Black Cat raising a minimum
amount (details of which are commercially sensitive), ValiSeek will
revoke its license for the VAL401 patent portfolio and Tangent
would execute a new IP licence with Black Cat and Black Cat would
be responsible for funding and executing future clinical
development of VAL401.
It is proposed (subject to a successful fund raise) that
ValiSeek would enter into an agreement with its shareholders to
undertake a corporate reorganisation whereby existing shareholders
in ValiSeek would become shareholders in Black Cat.
Therefore, following any reorganisation, ValiRx would hold a
proportional shareholding directly in Black Cat and would benefit
accordingly from future commercial upside.
Black Cat would utilise the co-financing agreements outlined in
the Letters of Intent announced on 26 March 2019 in order to
deliver the clinical trial in an effective and cost efficient
manner.
About VAL401
VAL401 is the reformulation of a generic drug that has over 20
years of clinical use for treatment of a chronic non-oncology
disease in an oral capsule. The re-formulation allows the drug to
access previously unexploited anti-cancer activity. VAL401 has
completed a clinical Phase II trial for the treatment of late-stage
non- small cell lung cancer with data from the completed trial
indicating a palliative effect and an improvement of quality of
life in the patients treated.
Dr Satu Vainikka, CEO of ValiRx, commented: "I am pleased to be
able to announce that ValiSeek has come to an agreement with Black
Cat to secure the future development of VAL401, to the advantage of
all parties".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
*** ENDS ***
For more information, please contact:
ValiRx plc Tel: +44 (0) 20 3008 4416
www.valirx.com
Dr Satu Vainikka, Chief Executive Tel: +44 (0) 20 3008 4416
Tarquin Edwards, Head of Communications. Tel: +44 (0) 7879 458
364
tarquin.edwards@valirx.com
Black Cat Bio Limited
Matthew Quigley (Zenith Partners on Tel: +44 (0) 20 3633 5651
behalf of Black Cat Bio) matthew@zenithpartners.uk
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
Liam Murray / Jo Turner / Ludovico
Lazzaretti
Allenby Capital Limited (Joint Broker) Tel: +44 (0) 20 3328 5656
Jeremy Porter / Alex Brearley (Corporate
Finance)
Kelly Gardiner (Equity Sales)
ETX Capital (Joint Broker) Tel: +44 (0) 20 7392 1568
Thomas Smith
Novum Securities Limited (Joint Broker) Tel: +44 (0) 20 7399 9400
Colin Rowbury
Notes for Editors
About ValiSeek
ValiSeek Limited ("ValiSeek") is a joint venture ("JV") company
between ValiRx Plc and Tangent Reprofiling Limited, part of the
SEEK Group. ValiSeek was formed to progress VAL401, the anti-cancer
compound developed by ValiSeek, for late stage non-small cell lung
adenocarcinoma, through preclinical development and to the end of
Phase II clinical trials for the treatment of lung cancer and other
oncology indications.
About ValiRx
ValiRx is a biotechnology oncology focused company specialising
in developing novel treatments for cancer and associated
biomarkers. It aims to make a significant contribution in
"precision" medicine and science, namely to engineer a breakthrough
into human health and well-being, through the early detection of
cancer and its therapeutic intervention.
The Company's business model focuses on out-licensing
therapeutic candidates early in the development process. By aiming
for early-stage value creation, the company reduces risk
considerably while increasing the potential for realising value.
The group is already in licensing discussions with major players in
the oncology field.
ValiRx's two classes of drugs in development, which each have
the potential for meeting hitherto unmet medical needs by existing
methods, have worldwide patent filings and agreed commercial
rights. They originate or derive from World class institutions,
such as Cancer Research UK and Imperial College.
Until recently, cancer treatments relied on non-specific agents,
such as chemotherapy. With the development of target-based agents,
primed to attack cancer cells only, less toxic and more effective
treatments are now possible. New drugs in this group-such as those
in ValiRx's pipeline-promise to greatly improve outcomes for cancer
patients.
The Company listed on the AIM Market of the London Stock
Exchange in October 2006 and trades under the ticker symbol:
VAL.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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