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(Alliance News) - ValiRx PLC on Tuesday saw shares drop, after extending its evaluation agreement with Hokkaido University to conduct further experimental testing.
ValiRx is an Essex, England-based life science company focused on early-stage cancer therapeutics and women's health. Lead candidates from its portfolio are out-licensed or partnered with investors through ValiRx subsidiary companies for further clinical development and commercialisation.
The agreement, which the company holds with Hokkaido University in Japan, has been extended six months. To date, work under the venture has consisted of product development planning and process development of manufacture.
In other news, ValiRx said that its triple negative breast cancer project, CLX001, has commenced a full preclinical development programme to progress the asset towards clinical trials.
CLX001 is a peptide, designed to destroy cancer cells while avoiding excessive side effects. The mechanism does not require specific cell markers or gene mutations for activity.
Meanwhile, the company's endometriosis asset, VAL301, is undergoing preclinical cell-based assays under supervision by ValiRx to confirm the breadth of biological pathways involved.
ValiRx said that additional opportunities to further optimise the drug candidate have been identified, and work is ongoing to assess the potential for additional patent filings.
The company was also optimistic about its BC201 asset, designed to treat sepsis. Though it has no financial commitment to the consortium, ValiRx contributes by providing samples of the peptide from itssurplus clinical trial supplies for testing.
If successful, ValiRx has a beneficial interest of 40% of the project.
ValiRx shares were trading 13% lower at 13.40 pence each in London on Tuesday morning.
By Holly Beveridge; Alliance News reporter
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