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(Sharecast News) - Clinical-stage drug development company ValiRx announced on Thursday that it has ended its agreement over the evaluation of the 'KTH222' peptide as a drug candidate for treating patients with ovarian cancer.
The AIM-traded firm entered into an agreement with Kalos Therapeutics in November, under which it agreed to perform a range of preclinical evaluation experiments to determine whether to enter a full licensing agreement for the therapeutic candidate.
On Thursday, it said that at the end of the estimated six-month evaluation schedule, it had chosen to terminate the agreement, and returned all data generated to Kalos.
"The agreement with Kalos is a good example of our new strategy to perform a considered-yet-straightforward assessment of best-fit between scientific programmes and the company," said chief executive officer Dr Suzy Dilly.
"By identifying early in this process that KTH222 is not a good strategic fit for our pipeline, we have been able to return the asset to the originators and continue our efforts to seek new science to bring into the company.
"We look forward to presenting the next new project to the pipeline in due course."
At 1517 BST, shares in ValiRx were down 1.36% at 19.98p.
14 Jul 2016 08:50