They had a contract that they could receive 80k. Why then accept shares at 30 percent ABOVE current SP. Thereby worth NOW 77 thousand approx... If only to sell them on open market. That would be a bit foolish as then you would say I'll have the 80 k please
So inside confirmation here that both parties know the success and progress and both happy to take shares at 30 percent over current sp on basis f future results that are now very close indeed.
Drug developer ValiRx (LON:VAL) has paid £80,000 to Cancer Research Technology after lead drug VAL201 passed first patient dosing in its ongoing phase/II trial.
CRT took the milestone payment in shares at an equivalent price of 0.26p.
ValiRx announced last month that the VAL201 was safe and well tolerated at the doses tested in the trial, which is on patients suffering locally advanced or metastatic prostate cancer and other advanced solid tumours.
Satu Vainikka, chief executive, said the milestone payment was both a vindication of recent progress and, by CRT taking shares, a substantial vote of confidence in ValiRx's future prospects.
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