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ValiRx losses widen as it continues to progress drug development

Wed, 29th May 2019 10:19

(Sharecast News) - Life science company ValiRx reported a loss before income tax of £4.83m in its final results on Wednesday, widening from the £3.55m loss it posted a year earlier.

The AIM-traded firm highlighted the £3.7m of placings it made in the year ended 31 December, rising from £3.07m year-on-year, which it said were applied to continue the advancement of the clinical trial of VAL201, the pre-clinical progress of VAL101 and VAL301, and the broadening of its intellectual property portfolio.

Its total comprehensive loss for the year was £4.3m, widening from £3.02m, while losses per share from continuing operations narrowed to 0.94p from 1.90p.

Cash and cash equivalents as at 31 December stood at £0.37m, down from £0.7m year-on-year, which the board said reflected additional API and IMP required to meet the dose-escalation study requirement, based on an anticipated patient recruitment dosed at 16 mg per kilogram, as opposed to 4 mg per kilogram in 2017.

"Given the risk-averse funding climate in the reporting period, we sustained momentum in terms of adding value to our assets by advancing VAL201 in the UCLH prostate cancer clinical trial and progressing the pre-clinical advancements of the VAL101 and VAL301 compounds, to bring these closer to the phase 1 ready stage," said chairman Oliver de Giorgio-Miller.

"We are also pleased to report post period, that ValiSeek has secured a robust solution and strategy for the advancement of VAL401 and that it has agreed Letters of Intent with two partners to progress VAL401 into its next proposed clinical trial."

De Giorgio-Miller said that new technologies and tools continued to revolutionise the company's understanding of cancer in the development of personalised and "precision" drugs, adding that he was "delighted" to see the announcement of the NHS Long Term Plan being announced just after period-end, with the government now "actively discussing and championing" ValiRx's therapeutic and diagnostic approaches.

"Our drug candidates have been subjected to rigorous clinical and pre-clinical testing, the results of which have consistently given the green light to continue their progress.

"We aim to remain at the forefront of developing new enhanced therapeutics and I look forward keenly to patients and our supportive shareholders alike deriving the full benefit from our efforts."

More News

ValiRx Raises GBP350,000 Through Placing To Progress Clinical Trials

ValiRx Raises GBP350,000 Through Placing To Progress Clinical Trials

14 Oct 19 13:44

ValiRx Reports Narrowed Loss In First Half As Expenses Reduce

ValiRx Reports Narrowed Loss In First Half As Expenses Reduce

26 Sep 19 11:43

ValiRx Receives GBP423,000 Research & Development Credit From UK HMRC

ValiRx Receives GBP423,000 Research & Development Credit From UK HMRC

24 Sep 19 12:40

ValiRx Prostate Cancer Drug VAL201 Still Meeting Endpoints

(Alliance News) - ValiRx PLC on Tuesday said its VAL201 lead compound is still meeting all of its published endpoints and is behaving as expected in prostate cancer.VAL201 has been as a and

10 Sep 19 13:45

ValiRx Granted European Patent Allowance For VAL301 Compound

(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 a

1 Aug 19 12:01

Monecor Takes Nearly 6% Holding In Biotechnology Firm ValiRx

(Alliance News) - ValiRx PLC on Tuesday said Monecor London Ltd now holds 5.7% interest in the biotechnology company.Prior to this transaction on Monday, Monecor's holding totalled were

23 Jul 19 16:25

US Grands Patent Claim For valiRx's VAL201 In Metastatic Cancer

(Alliance News) - ValiRx PLC on Wednesday said the US has allowed a patent claim for the use of VAL201 in metastatic cancer.Shares in ValiRx were down 7.1% at 0.21 pence in afternoon trade

26 Jun 19 14:30

ValiRx gets US patent protection for use of VAL201 peptide

(Sharecast News) - Clinical stage biotechnology company ValiRx announced on Wednesday that the US Patent and Trademark Office (USPTO) has allowed patent claims directed towards a method of preventing the worsening of symptoms of metastatic cancer, reducing the progression of metastatic cancer, or treating metastatic cancer - including prostate cancer - by administration of the 'VAL201' peptide.

26 Jun 19 10:53

ValiRx secures 'substantial amendment' to VAL201 clinical trials

(Sharecast News) - Clinical stage biotechnology company ValiRx updated the market on 'VAL201' on Thursday, confirming that, based on clinical results, a "substantial amendment" to the clinical trial protocol had received regulatory approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) and the research ethics committee.

20 Jun 19 09:54

ValiRx Subscription Raises GBP300,000 For Drug Trial And Development (ALLISS)

(Alliance News) - ValiRx PLC on Thursday said it raised GBP300,000 via subscription for working capital and to progress the clinical trial of its VALL201 cancer drug.Shares in ValiRx a 31%

13 Jun 19 11:07

ValiRx In Discussions With Investor To End Subscription Agreement (ALLISS)

LONDON (Alliance News) - ValiRx PLC on Monday confirmed it is in advanced discussions with European High Growth Opportunities SF to terminate a subscription agreement.Shares in the clinical

10 Jun 19 09:50

ValiRx Convertible Bond Talks In Advanced Stage; Plans Open Offer (ALLISS)

LONDON (Alliance News) - ValiRx PLC on Wednesday said it is in advanced discussions with European High Growth Opportunities SF to enter a new convertible bond facility and is planning an open in a

5 Jun 19 10:54

ValiRx Extends Talks With Investor Over New Convertible Bond (ALLISS)

LONDON (Alliance News) - ValiRx PLC on Friday said it has extended the deadline to enter into a new convertible bond with European High Growth Opportunities SF to July 1.The cancer life was

31 May 19 12:04

ValiRx Annual Loss Widens On Higher Costs And Fair Value Losses

LONDON (Alliance News) - ValiRx PLC on Wednesday reported a widened annual loss due to higher costs and losses on the fair value of financial assets.For 2018 the life sciences company, on a

29 May 19 10:41

ValiRx losses widen as it continues to progress drug development

(Sharecast News) - Life science company ValiRx reported a loss before income tax of £4.83m in its final results on Wednesday, widening from the £3.55m loss it posted a year earlier.

29 May 19 10:19

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