ValiRx updates market on 'significant' 2015

(ShareCast News) - Lifesciences company ValiRx reported on a "significant year" on Thursday, talking up its capital restructure and technical advancements in the 2015 calendar year.The AIM-traded firm, which focuses on cancer therapeutics and diagnostics for personalised medicine, said its Phase I/II clinical trial of the VAL201 compound has confirmed that it is well tolerated up to a putative therapeutic dose and has shown a high degree of safety, with no significant adverse events being reported.It has since expanded VAL201 into a multi-centre study.The board added that VAL401, a compound for the treatment of lung cancer and other oncology indications, is in the late to final stages of preparation prior to the Phase II clinical trial.It described "positive enhancements" of its biomarker development programme, with new European, Japanese and US patents being secured during the period.In terms of revenue streams, it said its Finnish acquisition TRAC was actively marketing itself to third parties and growing its turnover opportunities.During the year, ValiRx also expanded into the US with the opening of an office in Cambridge, Massachusetts in November."The period under review has been pleasingly satisfactory and our teams around the VAL201 and VAL401 compounds have started talking to parties for late stage clinical studies and for potential partnerships and collaboration with pharmaceutical partners," said non-executive chairman Oliver de Giorgio-Miller."ValiRx continues to look to expand its intellectual property as its development programmes go forward and it remains open to technology acquisition opportunities and ways in which it can both deliver and grow."Post-period end, the company has agreed a £4m convertible loan note facility with Bracknor on 1 April, and completed a placing with new and existing investors in February, raising £0.5m.