ValiRx Completes 1st Yr Eurostars Program, All Milestones Met

LONDON (Dow Jones)--ValiRx Plc (VAL.LN), a life science company with a focus on cancer diagnostics and therapeutics for personalized medicine, announced Thursday that it has completed the first year of a two year Eurostars grant program (total budget EUR1.2 million) in which all developmental milestones have been met. MAIN FACTS: -In June 2009, ValiRx, as leading partner of an international consortium of three companies, was awarded a two year grant by Eurostar against substantial competition from across Europe, to develop its GeneICE technology or Gene inactivation by chromatin engineering, in which rebellious genes, which cause problems such as cancer and potentially some neurological problems, are shut down or "put on ice". -In terms of current progress in the program, gene target sequencing has been completed and unique target sequences, suitable for the next generation of optimized GeneICE molecules, have been designed. -Molecule production (chemistry) has been optimized and affinity testing is now complete showing significant improvements over the first generation of GeneICE molecules with the cost of production reduced. -The company has also entered into a joint venture with Cambridge (U.K.) based Vivamer Limited to develop a bespoke delivery system for the GeneICE reagents and therapeutic systems. -In terms of timing, this phase of the program is in line with predicted deliverables given the staggered program start, but elements of the program were brought forward to initiate the development of cell lines and models required for further pre-clinical study. -As far as the exploitation of the GeneICE program is concerned, completion of the in-vitro efficacy testing will provide a data package for ValiRx and its partners to begin exploring commercialization opportunities for GeneICE as a suite of gene down-regulation molecules. -Among other opportunities, it is hoped the data package will address a specific data wish list provided to ValiRx by a leading global provider to the life science community and that it will provide discovery and development tools for biopharmaceutical companies. -Shares closed Wednesday at 0.35 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires June 17, 2010 02:36 ET (06:36 GMT)