LOI 2.11.21 RNS says the same thing as this SIGNED agreement5 Jan 2022 09:18
The LOI below. For clarity it has basically the same sentence re non binding etc. everything in the letter of intent is also in this signed agreement except for the payment details. Therefore nothing has changed EXCEPT it is physically signed. . . . Therefore this is a good thing imo
Completion of the Licence Agreement is subject to, inter alia, the successful fundraise by TheoremRx.
TheoremRx is private US-based oncology company focused on the discovery and development of new treatments that will benefit patients suffering from cancer. TheoremRx has established a highly integrated approach for the discovery, development and manufacture of peptide and small molecule drugs that modulate targets of clinical interest.
Under this proposed Licence Agreement, TheoremRx will obtain a worldwide licence to ValiRx's VAL201 intellectual property for a novel peptide targeting SRC kinase targeting oncology indications. ValiRx will retain the rights to develop the VAL201 peptide for non-oncology indications, including VAL301 for endometriosis. Subject to successful market authorisation, the potential value of the deal would be in excess of US$61M plus royalties for the first cancer indication alone. Each oncology indication successfully developed to by TheoremRx will generate up to $37.5M of additional value to ValiRx. The proposed deal structure comprises payments on signature of the Licence Agreement plus fees and near-term milestones totalling US$2.2M before the end of 2023, milestones on further clinical and commercial development events, and royalties. The first payments are expected by the end of 2021.
As part of the deal, TheoremRx will enter into a service contract with ValiRx to provide consulting services to TheoremRx to aid technology transfer, formulation for patent extension and continued clinical development of VAL201.
The LOI details a period of exclusivity during which TheoremRx will complete its due diligence on the scientific and commercial attributes of VAL201, during which ValiRx is restricted from continuing to market the programme to other parties. Completion of the Licence Agreement is also subject to terms and conditions at closing.
The LOI and proposed Licence Agreement therefore remain non-binding and there is no guarantee that this Licence Agreement will be executed or that it will generate material revenues within the expected timeframe or at all.
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