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(Alliance News) - ValiRx PLC announced on Wednesday it had entered a service agreement with TheoremRx Inc to support the next clinical trail of VAL201, a potential treatment for prostate cancer.
The Nuneaton, Warwickshire-based cancer and women's health treatment developer said the service agreement enables the company to work as a consultant to TheoremRx. In return, ValiRx said it will receive a monthly consultancy fee until the agreement is terminated.
A sub-license that will enable TheoremRx to develop VAL201 is subject to a successful fundraise by TheoremRx, ValiRx added. It is expected to be completed by the end of the first quarter of 2022.
ValiRx said 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.
TheoremRx is a US-based oncology company focused on the discovery and development of new treatments that will benefit patients suffering from cancer.
Chief Executive Suzy Dilly said: "The work we have done with TheoremRx since signing the letter of intent in November 2021 has involved both the negotiation and finalisation of documents between TheoremRx, ValiRx and Cancer Research Technology, but has also started the process of vendor selection for the next VAL201 clinical trial. This next trial will be sponsored and financed by TheoremRx, but ValiRx will continue to play a supporting role, providing project management and scientific expertise to ensure the trial runs smoothly in exchange for regular payments from TheoremRx."
Shares in ValiRx were down 15% at 32.49 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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