Business Update20 May 2024 15:50
ValiRx plc (the "Company") (AIM: VAL), a life sciences company focusing on early-stage cancer therapeutics and women's health, is today pleased to provide an operational update.
Development Pipeline Update
Cytolytix (CLX001)
The assessment of formulation options for CLX001 has progressed during Q1 2024, with the lead formulation now demonstrated to have activity against cancer cells. Testing is ongoing to assess the safety of the formulated product.
ValiRx is also pleased to announce that Cytolytix has been awarded a Knowledge Transfer Voucher ("KTV") grant in conjunction with the Open University. This initial grant is being used in a pilot study to assess the effectiveness of Cytolytix's cancer-specific lytic peptides in Neuroendocrine Prostate Cancer ("NEPC"). NEPC is a highly aggressive form of cancer with a typical survival rate of less than one year. Unfortunately, there are currently no available therapies for NEPC which shares similar characteristics with triple-negative breast cancer, such as hormone independence, and a high likelihood of metastasis. This research will assess CLX001 with and without the formulation to better understand the mechanism and to assess the breadth of activity of the product against an additional cancer type.
These assessments will assist in defining whether the lead formulation is appropriate for further development and progression into formal preclinical studies.
Evaluation Projects
During the first quarter of 2024, two new evaluation projects have been added, from Dundee University to study a series of molecules proposed with proposed pro-senescence activity and from Imperial College London to evaluate a series of dual kinase inhibitor candidates. The agreement with Dundee announced on 12 February 2024 also includes an over-arching agreement to assess and routinely evaluate further opportunities originating from the Dundee Drug Discovery Unit. Testing on both new programmes has commenced in Inaphaea BioLabs and at external partners.
The evaluation work continues on the projects from StingRay and the University of Barcelona, with the latter expected to conclude in Q2 2024. Due diligence is underway on additional potential pipeline projects.
We are pleased with the continued interest shown in the ValiRx approach to assessing innovative technology, which has resulted in broadening of the evaluation pipeline into some exciting new approaches for the treatment of cancer.
Clinical Stage Assets
VAL201 remains subject to the Letter of Intent ("LoI") with TheoremRx Inc. The Board maintains regular communication with the TheoremRx team to determine whether there is continuing progress to secure the necessary financing, which will enable the proposed merger with EUDA Health and the VAL201 sub-license to complete. The sub-license contains provisions for upfront and early-stage milestone payment and will release the payment for work already conducted under the previously announced service
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