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(Sharecast News) - Cancer therapeutics developer ValiRx announced on Monday that it has amended and restated the licence for the VAL201 peptide held by the company from Cancer Research Technology (CRT) to enable a range of sub-licensing options.
The AIM-traded firm said the restated licence updated the terms of the agreements struck in 2008 and 2010, including the payment schedule and terms for milestones and the expected development plan.
It also provided additional flexibility to a sub-licensee for onward development.
The company said the agreed amendments would enable the recent letter of intent between ValiRx and TheoremRx, announced on 2 November, to proceed to a full licence without further CRT involvement.
Under the terms of the licence, CRT was required to formally approve any sub-licence which ValiRx entered into relating to VAL201.
CRT had also now approved the terms of the sub-licence between TheoremRx and ValiRx, and consented for the transaction to proceed in due course.
"This amendment updates the VAL201 licence terms in a manner that aligns the licence with the proposed terms of the sub-licence between ValiRx and TheoremRx," said chief executive officer Suzy Dilly.
"This is an important step in the process of confirming the licensing documentation for the sub-licence, and will enable the proposed transaction to progress without delay.
"The approval by CRT of the sub-licence is also a stepwise progression towards full execution of the agreements."
At 1146 GMT, shares in ValiRx were up 8.2% at 33p.
14 Jul 2016 08:50