RE: Not impressed. It's all jam tomorrow or the next day.........5 Jun 2023 13:29
AliRx achieved a major milestone in October 2022 with the formation of Cytolytix Limited, a majority owned subsidiary and SPV to aid the development of an exciting new technology to treat triple negative breast cancer. We believe this collaboration with Kings College London will serve as the model for future evolution of our collaborative development pipeline.
Two other projects with academics from Hokkaido and Barcelona University have also been in the evaluation phase throughout the year and, subject to a successful conclusion of our experiments, will also be incorporated into SPVs.
Nevertheless, successful evaluation of new science cannot be guaranteed and it remains important to build a risk balanced portfolio of projects to maintain a steady flow of new assets for further development.
To this end, we were very pleased to welcome Dr Cathy Tralau-Stewart to the team in September last year as interim CSO (now permanent). Cathy has brought a wealth of experience in assessing novel science, particularly from academic institutions, and has taken the lead in identifying, securing and developing a range of novel assets that help to manage development risks.
We were also delighted to have appointed Stella Panu as a new Board member. Stella has brought deep experience in both corporate finance and M&A and is helping the team to drive forward the tCRO® strategy, with the aim of generating near term income for ValiRx.
During 2022 it became clear that initiating the tCRO® through a buy-and-build strategy was going to be a significant challenge as the valuations of suitable acquisition candidates for a core laboratory facility, on which to build the tCRO®, were excessive and unlikely to create sufficient shareholder value. With Stella's guidance and Suzy's CRO expertise, the previous buy-and-build approach has been modified to focus on establishing our own core laboratory, incorporating the necessary technologies to support ValiRx's in-house pipeline and attract 3rd party business. We believe this will enable ValiRx to build the tCRO® with lower risk and lower cost, leading to more efficient use of capital.
Having successfully established the tCRO®, transferred our in-house projects and secured new customers, we will continue to seek opportunities to acquire capabilities and technologies that complement the overall vision of improving translational research and transition ValiRx into an income generating and profitable company.
Efforts continue to out-licence our clinical assets VAL201 and VAL401 but, disappointingly, we have not yet concluded out-licencing deals. The Letter of Intent with TheoremRx for VAL201 continues to be exclusive at this time as we still expect their funding efforts will progress to a conclusion, albeit more slowly than anticipated.
The shift of the tCRO® strategy towards a build-and-buy strategy and the delays to TheoremRx funding necessitated a placing in 2022,
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