London, UK – ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women’s health, is today providing an update on its proposed sub-license agreement with TheoremRx Inc. (“TheoremRx”) for VAL201.
An exclusivity period was granted to 30 June 2022 to enable TheoremRx to progress their financing round, on which the signature of the sub-license of VAL201 depends. While recent discussions with TheoremRx on its progress to financing remain positive, ValiRx anticipates that an extension to the exclusivity period will be requested. The Company intends to seek more formal confirmation of this progress and will formalise its proposed extension following this.
The Letter of Intent and proposed sub-license therefore remain non-binding and there is no guarantee that this sub-license will be executed or that it will generate material revenues within the expected timeframe or at all.
Dr Suzy Dilly, CEO of ValiRx commented: “It is important to us at ValiRx to ensure that TheoremRx have sufficient funds to fully progress VAL201 prior to completing the sub-license and committing the project to their care. As such, we have been taking great interest in their progress towards financing. Although the deadline does not expire until 30 June 2022, we are preparing to negotiate to extend this in order to ensure their financing proceeds as expected. Despite a challenging market, the progress we have seen to date is promising and we remain confident that they are the right team for the project.”
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.
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For more information, please contact:
Dr Suzanne Dilly, CEO
Tel: +44 (0) 2476 796496
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