(Alliance News) - ValiRx PLC on Friday said it had no unpublished information that was sensitive to its share price, as it rose significantly.
The life science company is based near Birmingham, England and is focused on early-stage cancer therapeutics and women's health.
It shares were up 41% to 13.56 pence each on Friday morning in London, giving ValiRx a GBP14.0 million market capitalisation.
ValiRx noted that Euda Health Holdings Ltd, a Singapore-based health technology company that operates a Southeast Asian digital healthcare ecosystem, is mulling a merger with TheoremRx Inc, a company focused on the development of new treatments with safe administration and low toxicity.
TheoremRx is focused on treatments with a high potential for polypharmacy usage to benefit patients suffering from cancer and women's health conditions.
In January 2022, ValiRx entered a sub-license service agreement with TheoremRx to support the clinical trial of VAL201, a potential treatment for prostate cancer. Under the deal, ValiRx works as a consultant to TheoremRx. VAL201 is currently in a phase 2 study.
Euda Health and TheoremRx on Thursday said that they signed a letter of intent on Wednesday, agreeing a 30-day exclusivity period with the aim of reaching a definitive agreement. Under a potential deal, TheoremRx would merge with a subsidiary of Euda Health.
"The proposed merger represents an exciting opportunity for Euda to bolster its market position through the strategic combination with a biotech company with immediate growth and innovation opportunity," said Euda Health Founder & Chief Executive Officer Kelvin Chen.
He added: "We believe TheoremRx has strong access to capital and a robust pipeline of compounds addressing high-demand unmet therapeutic areas with near-term inflection points. Its project portfolio is also pre-selected for high upside, with minimal time and cost to reach key monetization milestones. By combining the respective strengths of our two companies' platforms, we believe that we can help critical new biopharma treatments advance through the clinical trial process while creating significant value for shareholders."
By Tom Budszus, Alliance News reporter
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ValiRx (VAL)