(Alliance News) - ValiRx PLC on Tuesday said that ValiSeek Ltd it has entered a deal to licence VAL401 with Ambrose Healthcare Ltd, a private UK specialist pharmaceutical company.
ValiRx is a life science company based near Birmingham, England, which is focused on early-stage cancer therapeutics and women's health. Shares in the firm were trading 24% higher at 12.27 pence each in London on Tuesday morning.
Meanwhile, ValiSeek is a joint venture company between ValiRx Plc and Tangent Reprofiling Ltd. It was formed to progress VAL401, which is the reformulation of the established anti-psychotic drug risperidone.
According to the option agreement, Ambrose has a year-long period of exclusivity, under which it can execute a licence of Valiseek's VAL401 asset under pre-agreed terms.
ValiSeek has received "an undisclosed, small fee", settled through the issue of shares in Ambrose Healthcare. The agreement details clinical and commercial milestone payments to be made to ValiSeek totalling a value of up to GBP16 million plus royalties.
"I'm delighted to have agreed this path to development of VAL401 with Ambrose Healthcare. I'm looking forward to seeing the project develop under Ambrose Healthcare's experienced oversight, combining clinical development and commercial experience," said Chief Executive Officer Suzy Dilly.
By Holly Beveridge, Alliance News reporter
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