ValiRx PLC - oncology-focused biotechnology firm based in Hatfield Heath, England - Embarks on cost base review, reducing headcount to 7 from 11 by combining roles. Board now has just 4 members. Basic remuneration for ValiRx's board, employees, and consultants is expected to be around GBP300,000 per annum on a pro forma basis after paying out wages and salaries cost of more than GBP900,000 in 2018. ValiRx no longer has ongoing obligation for future liabilities associated with TRAC and FitBio, which have been assigned to Drug Discovery Technology Ltd for GBP2,000. ValiRx intends to dispose of its GeneICE licence but has not successfully concluded a sale. As such, in light of the patent costs for the technology, ValiRx will be terminating its licence agreement with Cancer Research Technology. The patent renewal cost savings from TRAC, FitBio, and GeneICE are expected to exceed GBP120,000.
Current stock price: 7.17 pence
Year-to-date change: down 52%
By Anna Farley; annafarley@alliancenews.com
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ValiRx (VAL)