Last checked at 
(Sharecast News) - Clinical-stage biotechnology company ValiRx has signed an agreement with an unnamed global Japanese pharmaceutical company to evaluate its therapeutic, VAL301, in order to contemplate a potential future license for its use in the treatment of endometriosis.
The AIM-traded firm said the material transfer agreement covered the evaluation of VAL301 in a series of preclinical proof-of-concept and efficacy studies relating to endometriosis.
Studies were also scheduled to consider proprietary delivery methods for the compound.
"The Japanese company has already conducted a thorough review of ValiRx's prior data under terms of a confidentiality agreement, and now wishes to use material provided by ValiRx to conduct their own experiments," the board said in its statement.
For context, ValiRx said it had developed its VAL301 decapeptide for use in the treatment of endometriosis, while the Japanese company had a range of pre-clinical assays for testing drug candidates for use in the treatment of endometriosis, as well as several commercial and developmental products in women's health, and other healthcare areas.
"To both parties' mutual potential benefit therefore and under the terms of the material transfer agreement, ValiRx will supply the required quantities of compound, while the Japanese sponsor will be responsible for undertaking an agreed programme of work at its own expense."
At 1431 BST, shares in ValiRx were up 3.24% at 13.55p.
Today 16:52
LONDON MARKET CLOSE: London gets boost thanks to rate cut hopes
(Alliance News) - Stock prices in London closed higher on Monday, with investors optimistic that interest rate cuts might be around the corner.
Read more