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A £3m microcap with a cash runway till H2 even before factoring in R&D tax credits, potential grant funding, additional Inaphaea income or warrant cash now within reach. Outgoings reduced by £200k PA following a team restructuring last year.

Val’s expansion into NAMs and advanced AI tech, supported by strong academic partnerships, aligns directly with revised US & UK gov’t guidelines to reduce animal testing. This positions Val as a front runner for non dilutive grants and innovation funding, with a CEO geared to capitalise on this opportunity.

The 1/9/25 RNS confirmed ongoing discussions with several potential partners to progress Cytolytix, including a major pharma. Val owns 60% of CLX with 10% owned by co-inventor, Dr Charles Chen (Senior Scientist at Astrazeneca). Val also has a 54% share of an Ambrose deal potentially worth up to £16m, and a Biobank of 476 PDCs valued at £10k per PDC cell-line upon commercialisation, plus commercial rights entitlement.

Valirx has assets in several key cancer indications, all with huge global markets: 201/prostate ($11.3Bn*), CLX (primarily TNBC ($1.5Bn*), ovarian ($2.5Bn*) but also prostate, 301/endometriosis ($1.9Bn**), and 401-Ambrose/pancreatic ($2.9Bn**). Sources: *webinar, **GMI.

Several RNS updates are imminent: CLX patents “in coming weeks.” (RNS 1/9/25), Dundee/Queen Mary project (extended to 9/2/26), StingRay (approx Feb ’26 per Aug video), Blue Ribbon SPV - “Several patents envisaged for 201”, and the next evaluation/SPV “imminent with discussions already at a mature stage”.

The Omios RNS (3/6/25) stated “… expected to take up to 12 months. On conclusion of the evaluation, Omios has an option to enter into an Oncolytic Peptide License Agreement to continue using Cytolytix technology.” Yet another potential source of income.

In addition, the Val/Dominion repurposing project (teaching an old drug new tricks) has identified 200 FDA approved non-oncology drugs which already have phase 1 clinical data and are showing activity against various cancer PDCs. 10 of these candidates are now being fast-tracked. The median upfront deal size for pre-clinical IND ready assets was $110m in 2025. For phase 2 this increased to $775m. (Dec webinar).

For context, Val’s SP exceeded 55p in 2021 with only one key asset (VAL201). Currently, including the repurposing project, Val now has 200+ potential assets plus a valuable Biobank. Also, Mark has restructured evaluation agreements whereby if Val chooses not to progress an asset (eg StingRay, McGill/IRICoR), Inaphaea retains the data and can still monetise should a 3rd party take the asset forward.

Multiple monetisation routes now sit across the pipeline, supported by a commercially-savvy CEO who now owns 7% of the company. Valirx – a microcap with midcap potential.

As standard, when Mark did the Dec webinar he emphasised nothing new, “just meat on the bones”. However, often that meat can be pretty tasty.

Blue Ribbon/VAL201 – “synthesis almost complete” (10m.30s). Then, “a small amount (only £50k) set aside for pre-clinical development of 201, the balance WILL then come from external investment into the asset” (11m.55s).

No “MIGHT” in that statement. The minimal outlay confirms that the VAL201 drug package is essentially finalised, and the entire development programme (preclinical → IND → partnering) is about to move forward. Mark has already confirmed Val will be diluting the asset, not Val PLC. With patents imminent, it’s a clear signal that Blue Ribbon is not just a corporate shell — it’s actively progressing VAL201 toward monetisation.

Given Val’s recent multi facet RNS style, the imminent update could well bundle new patent status with partnership confirmation. The last significant VAL201 update in 2021 saw the Val SP exceed 50p.

McGill is one of Canada’s top research universities. It is a major research institution with a global reputation and substantial research funding. McGill is #29 in the QS World University Rankings 2025 and ranks #44 globally across 14,131 institutions in EduRank’s 2025 analysis, attracting $749 million in sponsored research income in 2024. It has an endowment of CA$2.3 Bn and an annual budget of CA$1.5Bn.

IRICoR is a non profit commercialisation centre. However, key financial indicators are available:

1. IRICoR has generated over $107M in revenue from collaborations focused on R&D of new therapies. It has also secured $40M in federal grants and $4.1M in provincial grants. This level of funding is only possible for an organisation with a strong track record of delivering commercially viable science.

2. IRICoR and Université de Montréal have an extended collaboration since 2020 with Ipsen — a €9.7 Bn mkt cap international pharma. Two new oncology programs were added under this partnership, focusing on novel MAP kinase pathway inhibition. This is exactly the kind of partner that only a credible translational engine can attract.

3. A small molecule therapy for solid tumours developed at IRIC/IRICoR and licensed to Ipsen has already reached Phase 1. This demonstrates that IRICoR can take a discovery stage program all the way to human trials.

4. IRICoR specialises in creating spin off companies. Their mission statement confirms: IRICoR “plays an essential role in establishing strategic partnerships… or creating spin off companies” to commercialise academic discoveries. This is directly relevant to the VAL deal, where IRICoR will create a NewCo to commercialise the helicase inhibitor.

The above shows that IRICoR has already taken assets from discovery → licensing → Phase 1 and has deep relationships with global pharma, increasing the likelihood of future out licensing or co development. It also has the infrastructure and funding to build and support spin outs with a proven ability to attract major non dilutive funding.

This one of the most strategically important deals in Val’s history — and it’s a major step forward in the “asset level dilution, plc level protection” model the company has been signalling for months:

1. VAL secures access to a later stage, second generation RNA helicase inhibitor. This isn’t an early academic idea. McGill/IRICoR have already done extensive development. RNA helicase inhibitors are a hot area in oncology and antiviral research and a second generation, orally available inhibitor is commercially attractive. VAL steps in at the target engagement/potency stage — far more advanced than typical VAL assets.

2. McGill and IRICoR are serious players so this deal elevates VAL’s profile and opens doors for future deals.

3. Inaphaea runs the evaluation, and any data generated becomes VAL’s property.

VAL has explicitly structured the evaluation so that the data itself can be monetised.

4. IRICoR, NOT Val, creates a NewCo to commercialise the asset - That alone, signals confidence from the IRICor. NewCo gets the background IP and will seek external funding to push the asset forward.

5. VAL gets a 15% equity option in NewCo. This is the venture studio model in action - dilute the asset, not the plc. Mark announced the same intention with Val 201 in the webinar.

6. VAL may invest up to £2m — but only if it chooses to: Funding is optional, staged, and subject to availability. No obligation, no upfront burden.

7. If VAL walks away, it can still get paid If VAL declines the equity option, and the Institutions later commercialise the asset, VAL receives 1.5× its evaluation spend (capped at ~£150k), similar to the recent StingRay update. It’s a win/win, no risk deal.

8. Multiple exit routes - NewCo may: out license, raise institutional capital, merge or be acquired. All routes generate value for VAL.

9. It conforms with Mark’s commitment to early monetisation. Because the asset is later stage, timelines to IND enabling studies and clinical entry are shorter.

Today’s RNS comes from having a commercially-savvy CEO protecting both his shareholders and his own 7% ownership of the company.

Exciting times! One bus has arrived — but engines are revving across the garage.

GLA, DYOR

Many of Mark’s presentations have highlighted the potential of grant-funding, the 14/10/25 RNS confirming a £250k award a prime example. The Inaphaea RNS (18/9/25), re the Dominion repurposing top 10, confirmed “initial commercial discussions with potential licensees as well as application for non-dilutive grant funding to support further development of these and other assets”. As MD of OncoLytika, Mark secured almost €3 million in Eureka Eurostar funding, so is acutely aware of the opportunities available.

Recent changes to UK and international grant frameworks — including the UK’s modernised Official Development Assistance (ODA) strategy, refreshed criteria, and new SME friendly collaboration rules — have opened funding routes that previously excluded early stage biopharma companies. These shifts prioritise oncology projects with demonstrable patient relevance, human relevant New Approach Methodologies (NAMs), and academia/SME partnerships, all of which are highly compatible with Val’s revised model.

With regulators actively encouraging NAM adoption and funders rewarding translational cancer research, Val’s assets, its academic evaluation programmes, and Inaphaea’s NAM enabled platforms now score higher on feasibility, ethics, and strategic alignment. As a result, the company is better positioned than ever to secure substantial grants. Cytolytix, in particular is a strong candidate, having already successfully secured funding via Open Univ Knowledge Transfer and HEIF schemes. It ticks all the appropriate boxes: oncology focus, targets difficult to treat indications, specifically TNBC and ovarian, has strong academic King’s College lineage, and clear SME eligibility— a combination to make CLX one of Val’s most grant ready assets.

However, when these criteria are applied to Inaphaea NAM focused capabilities, additional opportunities emerge across the wider portfolio. Major SME eligible programmes from Innovate UK, CRUK, UKRI, NIHR and Cancer Research Horizons — all prioritising oncology, NAMs and academia/industry collaboration — now align directly with Val’s model. Alongside CLX, additional assets such as VAL201 (prostate), VAL301 (endometriosis), StingRay/Sussex Univ and the Dundee/QMUL projects all fit the same criteria. Valirx is now primed for a level of acceleration and value creation unmatched in its history.

• Advisory Board manned with industry experts focused solely on compounds/activities to be monetised early

• All the above achieved while reducing annual costs by £200k+

GLA, DYOR

^^^^^^^^^^^^^^

Still unsure whether the SP is likely to rise?

Consider this - the infamous Nick Slater (Viera), despite many other holdings, has devoted every one of his last 54 LSE posts to warn just how bad Val is! 🤣🤣🤣 Wot a guy! 🤣🤣🤣

• Recent rise from 0.23p→0.37p in 2 weeks on zero newsflow, ahead of many RNS updates now due

• Hit 50p+ highs in 2021 when only ONE key asset in play and a largely uninvested Board. c14,000% above current SP

• SP sits near historic lows despite now holding the most extensive and marketable pipeline in Val’s history

• CEO, Mark bought 7% of the company - a rare alignment of insider knowledge and shareholder commitment

• Mark in webinar: “Big pharma are facing a patent cliff by 2030 so seeking to refresh their pipelines”

• Many credible reports highlight major 2025–30 loss of patent exclusivity forcing pharma to source new assets.

• Val focus on cancer indications with huge annual markets: triple neg breast ($1.5Bn), prostate ($11.3Bn) & ovarian ($2.5Bn)

• CLX, co-invented by a senior AZN scientist and a leading Kings College prof - serious scientific pedigree

• Discussions with an unnamed major pharma re CLX partnering now ongoing 6+ months, suggests clear progress

• Multiple CLX partnership deals potential with licensing determined by formulation, indication & geographic area.

• Ambrose/401 licence- Val receive 5.7k Ambrose shares with clinical & milestone payments up to £16m & 4 yr target

• Inaphaea are paid upfront for preclinical validation re 401, plus will benefit from any Ambrose funding sourced by Val

• Cash runway confirmed into H2 which excludes R&D tax credits, additional revenue and UK/ international grants

• Revised grant guidelines now prioritise oncology, NAMs & academic/SME collaborations – essentially, Val’s DNA.

• TwinEdge patient avatars allow faster, human-relevant in-silico testing. Mark: “a hot topic for grants”.

• Warrants pending @ 0.50p and 1.30p, actioning of either would significantly boost Val’s coffers.

• Inaphaea revenues starting to flow with early income from the unique PredictRx platform expected to follow.

• PredictRx uses patient derived tumour cells to reveal the most effective chemotherapy options for that individual.

• Biobank of 476 PDCs /66 indications. Nott’m NHS Trust contract so ongoing supply. £10k per PDC upon commercialisation

• VAL201 – target is to dilute the asset, not Val PLC – a 3rd party takes to clinical for a % share.

• Dominion 3k repurposing project – identified 200 FDA-approved non-oncology drugs, all showing anti-cancer activity

• Mark “particularly excited” about the top 10 “low-hanging fruit” being fast-tracked - all 3k have phase 1 clinical data

• Milestone is to partner primary repurposing candidate this year. Median upfront deal for phase 2 assets now £775m

• Other imminent RNS: new patents, CLX formulation, StingRay, Dundee (“progressing well”), et al

• Webinar - 2 more evaluations & SPV “with very mature discussions”. SPVs often ring fenced & funded independently

• Advisory Board manned with industry experts focused solely on compounds/activities to be monetise

I’ve finally conceded defeat with Porky. His venom towards Val will not permit reasoning or commonsense. Back into the bin he goes.

Time to wish everyone a merry Christmas. I’ll be back when the RNS start to flow.

Nick’s rule: when the CEO confirms the minimum cash runway into H2 but it doesn’t suit the agenda, Nick is allowed to shorten it as he sees fit.

Mark E’s reality: the runway guidance is the absolute floor, not the forecast and excludes grants, further Inaphaea income, early partnership up-front payments, tax credits and the 0.5p / 1.3p warrants being exercised.

If you are going to tell fairy stories Nick, remember to include the ending: “And they all lived happily ever after”.

Porky and Nick both clearly in denial mode, However, reality doesn’t bend to fit a narrative just because it ruins all their forecasts. Like a pair of parrots, they keep repeating the same BS even when the CEO confirms the true situation.

Using past management failures to deny current progress is basically the biotech version of flat earth theory — acknowledging past mistakes is fine but pretending that CEO Mark hasn’t rebuilt the entire operating model is like ignoring the modern map because you prefer the old one with sea monsters on it.

The runway guidance is the floor, not the forecast. The CEO has given a runway into H2 based on a stripped back, bare-bones, pessimistic model but because it doesn’t fit their agenda, they are both sulking. As the RNS’s drop over the coming months it is likely to be a highly traumatic time for Porky. Not so much Nick, as he will certainly join the buyers - he won’t let the opportunity pass by, even if he doesn’t admit it.

The company today is still being valued on what it used to be, not its true value. That will be recognised over the coming months as the SP continues to climb.

LOL. Oh dear Porky, you obviously couldn’t take watching the webinar (7 mins in):

“.... the runway extends into the second half of 2026”.

This is a no assumptions scenario: it doesn’t allow for 0.5p or 1,3p warrants being exercised, it doesn’t allow for further pending but as yet unconfirmed Inaphaea PDC / PredictRx income, it excludes tax credits & grants (and Mark has history here), and above all – it excludes early partnering income which is potentially on the cards from the moment the VAL201 and CytoLytix patents are extended over the coming weeks.

Mark E, the Grinch that destroyed Porky’s Christmas.

Thanks, UXM - I meant H2, not Q2.

Dyslexia strikes again. 😀

First, the fiction:

Nick – “Anyone holding this in Feb /March needs their head tested”, “Hope you can offload on this ramp before the March raise”, “I think bust in April so get out on a rally”.

Porky - “…just a dead cat bounce before the March raise”, “…. there is yet another placing only a few more weeks away”, “before the end of March ME will need to get the next placing away”

Then the reality:

Mark E - “Runway confirmed into Q2 without warrants”.

“ValiRx is in discussions with several potential partners to progress CLX, including a major pharma….”

Reasonable follow-ups would be why “several partners” and why continue promoting CLX at symposia, conferences, etc if a major pharma deal is already being negotiated? The answer lies in the nature of CytoLytix and its characteristics.

Currently, Inaphaea and its capability partners are progressing 4 potential CLX formulations: the King’s College nanoparticle, Omios oncolytic virus, Agility-liposome and Altus-SmartCelle. Each method has distinct advantages but each also presents other considerations. Formulation and drug delivery decisions determine the chemistry but also how it’s made, so influences manufacturing, shelf life, and cost, all critical for scaling and commercial success. Furthermore, a partner may wish to administer CLX001 alongside its own drug for a synergistic effect (1+1=3). The liposome formulation can encapsulate hydrophilic drugs (water-soluble) in their aqueous core and hydrophobic CLX (fat-soluble) within the lipid bilayer. This dual encapsulation strategy is especially valuable in cancer therapy where different drugs may need to be delivered simultaneously.

A key CLX characteristic is the pan cancer potential – although triple negative breast cancer (TNBC) is the primary indication, it has also shown activity against other solid cancers, noticeably prostate, ovarian and lung.

On 1/9/25 Val released an RNS detailing new patent applications for CLX with more to follow “over the coming weeks”. Patents cannot simply be extended - new ones are created to encompass multiple variables and protect the asset and its derivatives for the next 20 years. In the June webinar, Mark stated: “…. new filings anticipated to cover novel aspects of the technology which we can then disclose publicly, an important part of our commercialisation strategy as we promote the program at various conferences and partnering meetings”.

So, what does all this mean from a partnering viewpoint? While, it’s plausible a major pharma would seek exclusivity, the most realistic outcome is exclusive rights carved by indication, formulation, or territory—leaving room for multiple, parallel deals outside that scope. Perhaps Pharma X is only targeting the TNBC indication, whereas Pharma Y specialises in ovarian cancer. There may be separate licenses issued depending on the formulation (as above). Finally, CLX licensing could be restricted to a specific geographic area – maybe for (say) US only.

Val’s prior experience with TrX on VAL201 suggests a pragmatic stance: exclusivity where there’s commitment and value, flexibility elsewhere. The Sept commercial update does not indicate a single-party lock in, consistent with multiple-deal possibilities on the table. In essence, an early deal over the coming months could be followed by subsequent deals for other permutations – and each presenting a lucrative licensing deal for Val.

Uncanny, If you release a TR1, people will presume you have altered your holding. It’s not rocket science LOL. YOU were the person who started the ‘rumour’.

Again, the underlying but insincere threat from you is not very subtle. You really must up your game if you want to join, Porky and Nick in the Premier League.

Well Stephen, I appreciate your thoughts and as we are both outside the ‘circle’ I guess time will tell. Rumour has it, you reduced your holding expecting the SP to tumble following the TR1 and are now working to get back towards your original holding. I’m not sure that is the case as you have always struck me as a ‘cards on the table’ bloke, but I must admit it’s a sudden change in your stance when we haven’t even had a major update. I imagine as a holder, you will be mighty relieved when the 0.50p warrants start being exercised.

You still have a big holding and long-term will want the company to flourish but personally, I believe you ‘twisted’ when you should have stuck and are now anxious to get back to your original position. To be fair, you have taken a gamble which may or may not pay off for you. You are a decent bloke and I’m certain you will eventually end up quids in, even if it in a non-declaratory position.

There is certainly money to be made trading the share but it carries significant risk as even (say) a positive Val/Dominion repurposing update in the morning could see a 20%-30% increase, let alone patent updates on CLX or 201.

As a retiree with time on my hands, for some time I have been focusing on the science - it is strong. As you well know, despite Nick’s desperate posts, I don’t work for Val and wouldn’t know a petri-dish from a pizza pan but I admit to have a good relationship with Mark - I have also let him know when I have had concerns. He is a CEO who is as honest as he can be given the boundaries he has to work within. No-one buys 7% of a company ‘hoping’ it will come good.

Another consideration, yourself being an entrepreneur, would you recruit top class Advisory Board members to advise on future direction/ market opportunities unless you expected to have the funds to capitalise on them?

I happen to believe we don’t need a long runway as everything is lining up just as Mark hoped, just a little bit later than scheduled – 6 months is probably overkill but rather than take chances, he used a further placing as a security blanket. I’m happy to let the game play out, I’m sure you are too.

GLA, DYOR

From Notpotalot earlier – “Noticeable increase in Mark's Linkedin posts lately- is this leading up to an RNS?”

Now another Mark Linkedin post since then:

“Very good meeting from Evaluate discussing accessing funding for biotech with some market insights to the deal making trends over the last 12 months as well as investor sentiment in the public and private markets. Notable increases in the public market coinciding with, and enabling, access to capital - classic chicken and egg.

General opinion is optimistic with improvements now the markets have settled down following a degree of uncertainty from policy changes.

The latest quarter is reportedly the best in 4 years for financing and, on the deal side, whilst there have been notable big deals there are many “smaller” deals in the mix.

Interesting discussion around the impending patent cliff as a driver for deal making with some big cap pharma companies more exposed than others. These are the ones projected to be most active in the next 12 months so good intel for those of us looking for strategic alliances and licensing deals.

Another chance to network and make new contacts and particularly interested to see CROs with access to funding to progress assets through strategic alliances which could be a great fit for VALIRX PLC’s hub and spoke model.”

It certainly looks like momentum is gathering. Could Notpot be right about an RNS tomorrow? Although still a significant holder, Stephen W certainly won’t want to miss out on any RNS leap with a reduced holding. I guess it’s down to who blinks first.

I love the reference to “deals” – gives me a nice warm glow – particularly when “big cap pharma” is also mentioned. Now where was it I read about them recently?

@ Porky - I have just read the laughable defence of your Valirx vendetta: “I have said this many times it is to discuss pros and cons of a penny share. It is not a pro ramping echo chamber….It is not healthy nor right for individuals to be suckered into putting money into something where they have a high chance of losing their hard earned cash.”

Rather than defend my stance, I will use YOUR OWN WORDS, all posted on 4D Pharma in 2022, right up to June when the share was delisted pending administration. Note your venom aimed towards anyone who dared question the wisdom of investing in 4D:

7 June - Bloody sick of idiots like @Masterblast here that still think its a great use of their time to knock biotech's such as 4D trying to find cures for some of life's most serious issues. Success is a journey not a destination, it takes time, Biotech's need time and without Biotech's like 4D trying to make a difference and investors backing them we would never get anywhere in curing anything.

25 May - Oh F me, the harbinger of doom has just shown up with his negative pearls of wisdom. No doubt return to his 30 posts of b@llocks about why he wouldn't invest here, why he sold out and why he feels the constant f'cking need to keep telling us this.

17 May - Why the SP has not yet exploded on this news is beyond me...

The stock is so dam OVERSOLD its bloody ridiculous.....

13 May - ….whatever it is they are doing, buyout, takeover, merger , partner, whatever it is will land any moment.

Frankly I'm sick of @Sang and his conspiracy ideas and 24/7 de-ramping campaign.

He posts total FUD here to put investors off ... perhaps help out at a local hospice and UNDERSTAND how desperate cancer cures are needed.

11 May - You are right @Sang. You are not fanatical about shares that you invest in. You are fanatical about de-ramping shares you are NOT invested in

5 May - I am not going to explain again why this stock is materially undervalued and worth a few quid a share.

26 April - Personally, i believe the upside potential to be stratospheric.

….my own moral compass would prevent me from shorting and trying to damage a business attempting to save lives …. perhaps use your time to do good and promote stocks you do own and want to do well.

21 April - In the meantime @sang just keep creating fud, what a sad individual... its hard enough for shareholders without your crap….spending your hours de-ramping is just proves what a total two fact CU next Tuesday you really are...

Hypocrite – ‘someone who claims to have high moral standards or beliefs but acts in ways that contradict them’

My all-time favourite Porky post: "I just can't abide negativity, can't stand it at any level. I can kind of get it if it’s to put off investors to try and get a cheaper price, I don't agree with the practice, but I get it." (posted by Porky - 30/10/21)

Porky - An ethically bankrupt hypocrite, with the moral backbone of a jellyfish in a blender.

Nick, while doing your Henry Kissinger act, I think you are overlooking a significant factor here. In the ‘real' world, I’m about as easy-going as you will find. I have never posted on another share’s forum to mock holders or slag off that share. I might shake my head in disbelief at some of the ramping on another forum but I’m not invested so leave it to those who are.

Now we come to Val. In Porky we have a punter who has a disastrous trading history and has drawn gullible punters into some of the worst companies ever to trade. 4D and Harland, two who have gone to the wall spring to mind but there are numerous others. Yet he believes he is Warren Buffet mark 2. He has literally posted thousands of times on Val over the last 4+ years doing his utmost to put off potential investors by sowing FUD.

Yes, he has called past mistakes but Val is now a completely different company, both in management, the assets and whole philosophy. You of all people should appreciate companies can be transformed – you have made enough money over the years picking up flailing companies to then watch them multibag. It just takes one spark, maybe a new CEO or spotting a market opportunity before competitors.

I accept Porky isn’t the only one, I could identify others who post continuous drivel on here yet have made very poor investments themselves. I might respond to provocation by calling them out on here but I wouldn’t go onto the SCLP or FUM forum to ridicule them.

As regards the likes of Paul, Rob and Adrian, agreed good blokes – and all who stopped posting on here because of the venom and BS posted by the non-invested. So, maybe ask yourself what possesses some individuals to get their daily kicks posting on a share in which they have no holding, purely to annoy those who have a major financial stake in the company. A pretty sad way for anyone to pass their days. I reserve the right to defend my investment.

Howdie Pat. Glad you could take time out from your VAST adventure to post on here.

I’ll be sure to heed your words, given your outstanding success. LOL