(Alliance News) - Clinical stage biotechnology firm ValiRx PLC said Thursday it has been granted a patent notice of allowance for its pre-clinical therapeutic compound, VAL301, from the European Patent Office.
VAL301 is derived from ValiRx's lead compound, VAL201, and is in late-stage pre-clinical development as a non-invasive, effective treatment for the non-cancerous but debilitating gynaecological condition, endometriosis.
Endometriosis is a disorder in which tissue which normally lines the inside of the uterus starts to grow outside of it. The condition stands as one of the major causes of female infertility.
The latest European patent provides added production for VallRx, and follows recent patent allowances covering China and Russia, which were announced at the end of January.
"This is excellent news and I am delighted that the patent portfolio for our lead compounds continues to strengthen, add value and receive further endorsement," said Chief Executive Officer Satu Vainikka.
Shares in ValiRx were up 7.1% at 0.18 pence on Thursday.