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London, UK - ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women's health, announces today it has extended the exclusivity period for TheoremRx Inc. ("TheoremRx"), to complete their financing round and execute the sub-license for VAL201 for use in oncology indications.
Further to the announcement of 17 June 2022, the Company confirms that additional details have been received from TheoremRx regarding the progress of its financing round and strategic plans which are subject to review to the satisfaction of the Company. Meantime, the Company has agreed to extend the period of exclusivity described in the VAL201 Letter of Intent entered into by ValiRx and TheoremRx until TheoremRx has completed its funding round. The Company has reserved the right to terminate the exclusivity in the event that the board believes sufficient progress is not maintained.
A further update will be made in due course.
The Letter of Intent and proposed sub-license therefore remain non-binding and there is no guarantee that this sub-license will be executed or that it will generate material revenues within the expected timeframe or at all.
Dr Suzy Dilly, CEO of ValiRx commented: "We continue to work closely with TheoremRx and are pleased to have received several items to confirm their progress towards completing their financing round. In the light of these developments, we are pleased to be able to extend their exclusivity period until this financing is completed. In the meantime, we continue to work as a team, with ValiRx supporting their development plans, and with TheoremRx providing reciprocal support by devoting their time to our endeavours."
Dr Ken Sorensen, Chairman of TheoremRx stated: "We have appreciated the work carried out so far, and we remain confident of being able to complete our financing round. VAL201 is an important part of our pipeline of new projects."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company take responsibility for this announcement.
We all know that. I suspect it will be at most 0.5- 1 million as the deal would eventually support working capital and should be concluded soon even if delayed. Trx could also pay a lump sum or the deal can conclude inside a month. Many possibilities remain.
I don't think Suzy will get the votes to do what she wants unless good news comes out. Given the current SP the lab placing is unlikely to happen now until a later date.
Once all the mess is sorted the price is likely likely to head north. Risk to reward excellent at this price. I can see Val 60p plus in the next two months regardless of placing or not so matters not.
I remember Porky son that you were saying Cenkos would short VAL to 10p following the warrants at 22p. This did not happen. I for one believe that you were real as I saw you did sell out and then came back. I also sold out as well at the time but following you is very expensive for me. Do you get anything correct though?
Probably a step worse. Suzy likes to give everything for very little or free and gives our assets little value. What a generous CEO we have. At least they could pump a stock when needed.
Come on Suzy, when will you give the next gift. Soon you will ask us all to sweep the floor for the stateside company.
You always seem to be buying. Never a dull day without buying eh.
Get those lifeboats out with all those losses from last year. It can only get better, eh, with a nice placing to secure the long term future here and allowing us eager investors to jump in on the cheap. 20p placing will be very juicy for me.
THIS IS REVOLUTIONARY> AMAZING>. Huge upside.
"Completing the Technical Transfer of the KnowNow test is a huge milestone in the Vatic Health journey and our ongoing collaboration with Abingdon Health. To bring such novel assay technology into routine manufacturing could be a true step change in diagnostics and we are excited for what this could mean for COVID-19 testing around the world."
Alex Sheppard, CEO of Vatic Health Limited, commented:
"We are excited to have concluded the transfer of our product to manufacture with Abingdon and to commence sales of our product. Our proprietary technology allows ease of use via a saliva specimen and only detects active virus -enabling individuals to know their infectivity status."
Nerves will soon be kicking as time passes by. Best they get the placing done as soon as possible to remove the uncertainty in the share price.
Why not just do a placing at 30p then we can all look forward with a stronger balance and more shares on the market? The share price should then recover. With all this uncertainty it really will not be helpful to the share price over the next 2 months. Get the placing done and we can all look forward. For me a decent strategy for recovery and would benefit all given uncertainty involved at the moment.
At the end of the day large funding gap regardless of Oxford FInances. To lose over 50 million in a year and to spend over 4 million a month I would be worried.
As months go by fears kicks in. Where is the money going to come from. I worry. Oxford finances cannot take this all the way. All speculation but not enough money to survive the way I see it. It's in deep trouble. DEEP DEEP DEEP DEEP DDDD Trouble.
People in denial here. 53 million loss with a market cap of 74 million is not a sign of a business moving forwards. I do think a placing will be needed and the longer the months go by and higher the burn rate the more likely the market becomes fearful of a large placing. All these loan facilities are hardly the answer either.
You can have all the drugs and results you want. Unless the drug gets to market fast with sales and revenue then it's a sinking ship. Just hard facts nothing more or less.
Don't be misled guys. DYOR. Cash position, loses and burn rate not good at all.
I am devastated with the figures as I was considering investing. Not now.
Get the calculator out Mark. Just read the RNS it says it all. The financials are not good at all and it is very likely a large placing is needed. It's not good at all is it Mark.