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ValiRx Partners With Alpha Blue Ocean And Buys IP Assets Of FIT Bio

Thu, 2nd May 2019 15:21

LONDON (Alliance News) - ValiRx PLC on Thursday said it has agreed to acquire the IP assets of FIT Bio for EUR5,000 and establish a genetic therapeutic and diagnostic-based joint venture with Alpha Blue Ocean.

FIT Bio is a biotechnology company based in Finland, which was involved in the development of gene delivery technology. Its principle technology - its Gene Transport Unit platform - has seen an initial product enter into clinical trials.

Clinical stage biotechnology company ValiRx said the joint venture was created to further develop FIT Bio's IP assets with the objective to assemble and progress a portfolio of genetic-based technologies.

Under the terms, ValiRx said it will provide scientific, technological and clinical development expertise to the joint venture, whilst Alpha Blue Ocean will focus on financing the entity and progressing commercial activities. It is also envisaged that ValiRx will add its GeneICE technology, along with the company's gene silencing compound, VAL101, into the joint venture portfolio.

Alpha Blue Ocean had previously provided finance to FIT Bio, having entered into a financing agreement with FIT Bio in December 2017. Following the termination of this financing agreement FIT Bio was placed into bankruptcy proceedings. ValiRx has acquired the IP assets from the appointed administrator of FIT Bio.

"The area of genetic editing is a very topical subject area at the moment in the media as gene editing looks set to transform the way we battle a range of diseases," said ValiRx Chief Executive Satu Vainikka.

"The IP assets of FIT Biotech complement well ValiRx's existing gene-based technologies and their combination will assist the group in leveraging its position within this medical market place," Vainikka added.

ValiRx shares were trading 2.8% lower on Thursday at 0.41 pence each.

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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