London, UK , 29 May 2020: ValiRx (AIM:VAL) announces that it has entered into a deed of assignment with Drug Discovery Technologies Limited (“DDTech”) (“Assignment Agreement”) for the patents, materials and know-how associated with its non-core intellectual property “FitBio” and “TRAC” (“Relevant IP”) (“Disposal”).
The Company announced on 29 April 2020 that it was in talks with a third party in relation to a joint venture of certain non-core intellectual property of the Company – GeneICE, TRAC and BioFit, these talks have now concluded and ValiRx has entered into this Assignment Agreement for the intellectual property associated with FitBio and TRAC to DDTech.
The consideration of the Disposal is an immediate payment of £2,000 and a royalty on net sales made by DDTech in relation to the exploitation of the Relevant IP until 29 May 2023, capped at a maximum of £1 million.
As an assignment, rather than a Joint Venture, ValiRx is not responsible for future liabilities associated with the Relevant IP which will result in cost savings for the Company.
On 29 April 2020 the Company announced that GeneICE was subject of the talks with the third party. The Company confirms that GeneICE is not subject to this agreement.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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